Posted 2 years ago | by Ben Armstrong
Crypto Markets Slip-Bitcoin Still Up on Weekly Basis
Crypto markets are in a holding pattern, though some of the biggest tokens are losing a bit of ground. The CCI30, a measure of the world's largest 30 cryptos by market cap, has been largely flat over the last day. It has traded as high as 3,320, but has fallen to 3,255 at the time of writing.
Bitcoin traded as high as $10,740 over the last 24 hours, and it has been able to maintain the price action that brought it up from last week's lows. It is currently trading at $10,615 USD, virtually unchanged from the same time a day ago.
From a one-week perspective, the BTC story is more compelling. BTC prices are up more than 7% from a week ago, and have held onto higher prices. Unlike many of the other tokens, BTC's price action seems to be bullish. There are a number of positive developments in the crypto space at the moment, and BTC could be the main beneficiary of these tailwinds.
Ethereum has been far less successful in holding onto its gains. After trading as high as $181.50 over the last week, ETH has fallen to $172.30 at the time of writing. The chart isn't very encouraging for ETH bulls, though ETH has yet to challenge the lows it logged last week.
From a longer term perspective, ETH could still be in a bullish phase. If we look at a six month ETH chart, we can see that it hasn't violated the uptrend that started in April of this year. Cryptos can be volitile, but overall ETH has created amazing return from the time it first hit the publicly traded crypto markets.
Ripple (XRP) has been in an uptrend since it hit its near-term lows last week, but it has lost ground over the last 24 hours. XRP is currently trading at $0.256 USD, down a little over 1% in 24 hours. XRP remains buoyant, but hasn't been able to summon the same bullish momentum that seems to be driving BTC prices higher.
The crypto markets seem to be consolidating before they move meaningfully in any direction. Given the bullish backdrop for BTC, it wouldn't be surprising to see a move to the $11,000 USD level in the near term or perhaps even higher.
The rest of the major tokens appear to be in a holding pattern. A big buying push into BTC could drive the entire market higher, though that move has yet to manifest.