The total cryptocurrency market capitalization has shrunk over the week, from well over $305 billion to the current $266 billion.
The average daily trading volume has also declined from over $20 billion to the latest value of $11.9 billion.
The lack of activity and an increasingly bearish week has seen most coins lose in the last seven days. Bitcoin’s market dominance now stands at 48.2%
Bitcoin (BTC) price analysis
Bitcoin (BTC) has touched an intraday low of $7,355, as the bulls lose momentum. The top coin has failed to regain the lost ground and is currently consolidating below $7,500.
The outlook is bearish still, but good thing is that the bulls have tried to hold firm above $7,300 and the positive hourly trend could see it retest value above $7,500.
BTC is currently exchanging hands at $7,461, with +1.07 percent price increases in the last 24 hours. However, it’s still over 8 percent in the red over the week. Its likely BTC/USD will hit a new low over the weekend before an upside materializes.
Bitcoin has an intraday trading volume of $4.0 billion, significantly lower over the week. The market cap is now $128 billion and has shed over $12 billion since this time last week.
Ethereum (ETH) price analysis
Ethereum has over the last several days failed to muster any kind of sustained upside. Even when BTC gained to hit new highs, ETH stagnated within a range, consistently trading below $500.
Yesterday saw it drop to a low of $397, but bulls have rallied briefly to break above $400 and stop further losses. It’s now trading in a range that has support at $404 and an immediate resistance at $430.
ETH is currently trading at $417 and has gained over 2.45 percent in the last 24 hours. The second largest coin has also made slight gains against BTC. It’s trading at 0.05610113 BTC, which is 1.24% percent higher in the last 24 hours.
Although it’s still over 10 percent down week-on-week, any momentum above $420 could see price moving to support areas above $460.
Conversely, it could drop below to test support at $390 and below that $358. Ethereum has a market cap of $42.2 billion and a daily trading volume of $1.4 billion.
Ripple (XRP) price analysis
At the moment, XRP is among only a handful of top trading assets stuck in the red in both daily and weekly charts. There’s, however, a likely it may move north within the next few hours. That said, it should be noted that just like much of the week before, Ripple has traded in a very tight range, below $0.50.
XRP/USD has dropped by a mere 1 percent in this morning’s trading while it remains about 3 percent down over the week. The pair is exchanging hands at $0.4382 and is in danger of hitting recent low values near $0.420 and $0.400.
The crypto is also finding it rough against BTC, currently trading south by nearly 2 percent in the last 24 hours.
SBI Remit and Siam Commercial Bank have partnered and will use RippleNet to offer services with low fees targeting Thai workers in Japan. Such positive news may help the coin master an uptrend.
Ripple has a market cap of $17.2 billion and an intraday trading volume of $188 million.
EOS (EOS) price analysis
EOS is holding above $7.00, a very important support area for the bulls. If prices dip again below this level, it could open up declines all the way to $5.8.
Yesterday’s decline to $6.92 was, therefore, a signal of exhaustion, something that could see sellers take control near-term. At the moment, EOS/USD is trading at $7.17; just over 1 percent in the green in the day’s trading session.
A lot is expected of the EOS ecosystem, but traders should temper their expectations in terms of prices for now. The coin has a near-term bearish outlook and is over 14 percent down in the last seven days.
EOS/BTC has also found it hard to maintain upward momentum, currently nearly 1 percent down. The average daily trading volume is $468 million while the market valuation now stands at $6.4 billion.
Stellar (XLM) price analysis
XLM/USD had declined to prices near $0.24 before a strong surge aided by buyers saw it reach $0.269. It has however found it difficult to sustain an uptrend and could see more declines unless the bulls hold above $0.25.
The sixth largest coin by market cap is trading slightly over 1.8 percent up in the last 24 hours but has lost over 19 percent in the week ending today. It has a market cap of $4.8 billion and a daily trading volume of $68 million.
XLM has also traded lower against BTC but currently remains unchanged in the last several hours. Near-term, XLM bulls will target breaking above $0.27, and look to recapture value above $0.30. Any downward move will take it to lows near $0.20.
Litecoin (LTC) price Analysis
LTC has avoided breaking below $74, since touching a low of $75.17 according to CoinMarketCap. The bulls have tried to push higher, reaching $77.82 before running out of energy.
LTC/USD is currently trading at $77.09 or 0.01035082 against BTC. Litecoin has gained over 2.10 percent against the US dollar and just over 1 percent against BTC.
However, its value has declined by over 7.5 percent in the last 7 days. Litecoin has a market cap of $4.4 billion and a daily trading volume of $276 million.
At the moment, the coin needs to hold above $75 to avoid declining to the next major support below $66. If an upside materializes over the weekend, Litecoin could break above $80 and test upper range limits at $91.
The average daily trading volume has also declined from over […]