Tanya Abrosimova
Independent Analyst
- Cryptocurrency market is confined to tight ranges with no escape in sight.
- Positive fundamental developments leave traders indifferent.
There is nothing much going on on the cryptocurrency market. Bitcoin and all major altcoins are dozing in the ranges ahead of the end of the working week.
Bitcoin is changing hands at $3,635, mostly unchanged both since the beginning of Friday and on a day-over-day basis. The first digital coin has been sitting in a tight range, limited by $3,580 on the downside and $3,700 on the upside. A decisive breakthrough in either direction will define the short-term trend.
Ethereum has crept towards $123.00 handle. However, the coin is also inert. ETH now takes the third place in global cryptocurrency rating compiled by CoinMarketCap. Its market value is registered at $12.8B, while an average daily trading volume has settled at $2.4B.
IOTA is the growth leader with over 6% gains on a day-over-day basis. The coin is changing hands at $0.3159.
Among the latest developments, the central bank of South Africa develops a set of rules for blockchain and cryptocurrency related companies. The proposed regulation aims to protect investors and consumers engaged in crypto industry.
Also, Grayscale Investments announced the launch of Stellar-focused investment trust. The new trust will deal solely with XML coin, providing customers with a way to gain on the price fluctuations via traditional investment instruments.
Read more about new Grayscale’s trust here
Also, a group of American scientists has taken on a mission to create a cryptocurrency free from the drawbacks inherent to Bitcoin.
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