Despite the depressing position of major cryptocurrencies in the past few days, the market has managed to correct the situation a little. The total capitalization of all coins increased by 2.5%, but this dynamic should not be taken as a trend reversal. These are rather echoes of wide fluctuations in bitcoin and other cryptocurrencies, which provoked a local excitement around low coin prices. Major altcoins are still in deep crisis and are struggling to regain their positions.
ETH indicators continue to sink and over the past day have decreased by 8%, to $2,660. At the same time, daily trading volumes also dipped to $75 billion. Despite this, the narrower dynamics of changes in quotes became positive (+ 1.5%). The cryptocurrency is still unable to recover from the sharp crash in bitcoin, which triggered a massive sell-off, including in ETH. In the near future, cryptocurrency indicators will continue to recover and consolidate. The onset of the weekend will have a beneficial effect on this, and from next week the coin will actively begin to approach positions that are profitable for growth. The main problem with ether at this stage is excessive commissions, which reached $1,300 after the collapse of bitcoin. This was preceded by network congestion, as a result, the ETH miners received more than $114 million from the panic of the players. The onset of the weekend will also help normalize technical processes in the asset network and will help revive upward dynamics.
Similar problems are experienced by the XRP token, which has fallen in price by 8% over the course of a day. The daily trading volumes of the asset dropped to $8 billion altogether, which shows a full win back of the news that Ripple has begun cooperating with the Central Bank of Egypt. The mood of market players was completely leveled by the next collapse of bitcoin. Despite this, the narrower dynamics of changes in indicators remain positive (+1%), which indicates the growth of a new audience that enters the asset while it is at an acceptable level of $1.05. The cryptocurrency needs to stay above the $1 mark, since the subsequent correction can roll back the coin quotes to the February lows. The easing of market pressures over the weekend and the revitalization of retail traders are likely to keep XRP above this frontier.
Litecoin is in the worst position, taking the 12th place in terms of capitalization with a result of $13.5 billion. The asset continues to fall in price and over the past day has lost 17% of its value. Over the week, the cryptocurrency lost 35.5% altogether, which indicates a lack of institutional interest in the coin. Most likely, the result of $182 will be improved to $200 due to the same activation of retailers and the onset of the weekend. Doge also failed to cope with the pressure of the market, which dropped in price by 15%, despite another pump from Elon Musk. The asset is quoted at $0.353 and the coin does not show any visible growth prospects.
The negative mood in the market is promoted not only by the fear and uncertainty of the players but also by the incoming statements of the regulators of the countries. For example, in the United States, they announced the creation of a working group that will deal with the issue of regulating the cryptocurrency market and its further taxation. The American government did not stop there and proposed introducing requirements for crypto exchanges to provide information on all platform transactions, the amount of which exceeds $10,000. Such announcements harm asset prices and also exacerbate investor fears. Based on this, it can be assumed that some coins will be able to show growth due to lower market pressure, but the full wagering of the bitcoin collapse will be completed only by the end of the weekend.
