Tanya Abrosimova
Independent Analyst
- The cryptocurrency market has barely changed since the beginning of the week.
- Tezos remains the best-performing altcoin out of top-20.
- Bitcoin bulls have a hard time at $7,200 support.
The cryptocurrency market has come to the end of the week with marginal losses. Bitcoin and the majority of altcoins attempted recovery at the beginning of the week, but failed to pass through critical resistance levels and drifted towards the support area for the best part of the week.
The total cryptocurrency market capitalization stayed unchanged at $196 billion; an average daily trading volume registered at $60 billion. Bitcoin's market share is 66.6%.
What's going on in the market
Tezos (XTZ) retains the title of the best-performing coin out of top-20. The asset gained over 12% on a day-to-day basis and moved to the 10th position in the global cryptocurrency rating compiled by CoinMarketCap. As of today, Friday 13, the US-based cryptocurrency exchange supports XTZ staking with 6% of annual return.
Meanwhile, Bakkt launched options on physically delivered Bitcoin futures, tradable on the platform. The new instruments will provide traders and investors with better risk management and hedging options. The market reaction was muted so far, mostly because the development has been already priced in.
The Bank of America (BOA) gave credit to Ripple technology. The bank considers it innovative and efficient for cross-border transactions. However, Ripple's technology adoption does not always lead to broader XRP usage.
Top-3 coins price overview
On the intraday charts, BTC/USD bottomed at $7,076 and recovered to $7,213 by press time. However, the upside momentum has faded away on approach to strong resistance area created by 61.8% Fibo retracement and the upper line of 1-hour Bollinger Band.
BTC/USD, 1-hour chart
Ethereum recovered from Thursday's low of $139.80; however, the recovery momentum faded away on approach to $146.00. At the time of writing, ETH/USD is changing hands at $144.60, with the initial support created by SMA50 1-hour at $144.00.
ETH/USD, 1-hour chart
Ripple's XRP slipped below $0.2200 again. The third-largest coin has been moving to and fro around this pivotal level for over two weeks with no clear direction. The initial support is created by the lower line of the 1-hour Bollinger Band at $0.2179; the resistance lies at $0.2230.
XRP/USD, 1-hour chart
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