Tanya Abrosimova
Independent Analyst
- The digital assets have been sidelined during Tuesday trading hours.
- The recent report confirms the growing activity of the crypto exchanges.
- Bitcoin stays below $8,000, XRP jumped above $0.2000.
The cryptocurrency market is a mixed picture on Tuesday. Bitcoin entered a consolidation phase after a retreat from the new April's high $7,800; major altcoins are losing ground amid low trading activity. The total capitalization of all digital assets in circulation settled at $221 billion, slightly higher from this time on Sunday, April 26, while an average daily trading volume reached $141 billion.
The activity of cryptocurrency exchanges is on the rise
The volume of the direct transactions between cryptocurrency exchanges doubled in the first quarter of 2020 as compared to the similar period of 2019. Within the reporting period, the exchanges transacted Bitcoins worth $15 billion against $8.2 billion in Q1 2019, according to the recent report, provided by Crystal Blockchain.
The researchers analysed the transaction history between 436 exchanges in 70 countries around the globe starting from 2013 and until the end of Q1 2020. Their main purpose was to trace the evolution of the Bitcoin market and its reactions to various internal and external factors, including change of regulatory environment, global financial conditions.
Notably, 37% of all BTC transactions were performed on Seychelles Island, while the UK has become a leader in terms of exchange transactions.
Top-3 coins overview
BTC/USD has been sitting in a tight range marginally below $7,800 since the beginning of the day. The price of the first digital coin has stayed unchanged both on a day-to-day basis and since the beginning of Monday. BTC/USD is moving within a short-term bullish trend amid low volatility as bulls are not ready to take out $8,000.
ETH/USD resumed the recovery and settled above $197.00 after a short0lived consolidation at $195.00 during early Asian hours. The second-largest coin has stayed unchanged both on a day-to-day basis and since the beginning of the day amid short-term bullish sentiments and low volatility. The bulls need to take out $200.00 to keep the recovery on track.
XRP/USD jumped above $0.2000 and hit $0.2100 before retreating to $0.2070 by press time. The coin is moving with bullish bias amid high volatility, 6% higher from this time on Monday.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.