After several significant crashes in a row, the total market capitalization of the cryptocurrency market dropped to $1.5 trillion and showed how important a role Bitcoin plays in the mood of coins. Due to the collapse of BTC, the institutionalization of crypto assets has slowed down, but the market is starting to recover its indicators. Over the past day, the growth of all crypto assets amounted to 7%, and the total capitalization came close to $1.7 trillion. At the same time, it is too early to talk about the beginning of a growth cycle due to the instability of the indicators of the leading cryptocurrencies.
ETH
ETHUSD continues to show fluctuations. The cryptocurrency managed to reach a certain point, but without the support of the market, Ether dropped again to $2400, where the maximum support from buyers is concentrated. Thanks to these fluctuations, the asset price dynamics often change, and ETH ultimately won back the growth to the $2,700 mark. However, given the daily trading volume, which is in the area of $80 billion, as well as the positive dynamics of the growth of quotations over the past few hours, we can say that Ethereum has a good chance to approach the $3,000 mark by the end of this week. The upcoming update to ETH 2.0, scheduled for early June, is playing a decisive role, and will significantly increase the interest of institutions in the asset.
XRP
There was optimism in the changes in the XRPUSD pair. The cryptocurrency continues to grow but has barely broken the $1 mark, where buyer support is leveled off by market pressure. Over the past two days, the crypto asset has tested the round figure twice but failed both times. The coin has risen in price by 4% over the past trading day along with average daily trading volumes. The Ripple token is expected to have another visit to the retest of the $1 mark, judging by the horizontal charts. Most likely, this is the final attempt by the cryptocurrency to justify the current market interest, as in the next few days. In addition, in the event of another failure, the coin could aggravate the correction and tip over to $0.850, where market loyalty will be tested.
LTC
The LTCUSD pair managed to make a real breakthrough from $120 to $187, where the cryptocurrency did not receive the necessary market support. As a result, the indicators of the coin dropped to $170, from where the asset began the next stage of growth. Over the past day, LTC has risen in price by 5% with mediocre daily trading volumes. However, the cryptocurrency showed persistence and growth prospects, leaving the pressure zone around $170. Soon, the altcoin may again try to approach the $200 mark and gain a foothold above it, but for this, the coin needs a positive impulse.
New details of the future update of Polkadot have emerged, thanks to which it became clear that the asset has little chance to compete with ETH at the current stage of development. The developers admitted that improving the system towards conducting parallel transactions does not guarantee stable operation of the blockchain and leveling the main problem of Ether – sharply increasing transactions. With this news and the upcoming ETH update, there is no doubt that the decentralized DOT project is still far from real competition with the leading altcoin.
The news background around the cryptocurrency market has begun to change. The main reason for optimism was the statement by representatives of Goldman Sachs¹ bank regarding the expansion of the cryptosystem. According to the company’s experts, shares of the cryptocurrency exchange Coinbase are the best way to invest in crypto assets at the current stage. Thanks to this news, the leading coins have activated and are trying to overcome psychological levels to gradually approach nearby highs.
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Adnan Abdul Rehman
Regional Market Analyst
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