Crypto Markets Are Trading Sideways, Bitcoin Holds $3,900 Support
Tuesday, March 12 — crypto markets are trading sideways, with total market cap hovering between $133–$134 billion, and Bitcoin (BTC) holding $3,900 for the most part of the day.
The top 20 cryptocurrencies by market cap are seeing mixed signals, with losses not exceeding 1.1 percent, while some coins have seen a growth of over 3 percent over 24 hours at press time.
Market visualization from Coin360
Bitcoin is trading at $3,912 at press time, up around 0.3 percent over the past 24 hours. The biggest cryptocurrency surged to as high as $3,925 earlier on the day, while the intraday low amounted to $3,863. At press time, Bitcoin is up around 0.7 percent over the past 7 days.
Bitcoin 24-hour price chart. Source: CoinMarketCap
Ethereum (ETH), the second largest cryptocurrency by market capitalization, is trading at $134.27, up 0.4 percent over the past 24 hours at press time. The top altcoin is down about 1.86 percent over the past 7 days.
Today, United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton confirmed that Ethereum and similar cryptocurrencies are not securities under U.S. law. However, according to recent reports, Clayton meant that he agreed that a digital asset’s definition as a security can change over time.
Recently, Ethereum mining pool Sparkpool confirmed that it had come to an arrangement with a user who accidentally sent it over $300,000 in mining fees on March 11.
Ethereum 7-day price chart. Source: CoinMarketCap
Ripple (XRP), the third top cryptocurrency by market cap, is down 0.03 percent, trading at about $0.3107 at press time. The major altcoin is down around 1.34 percent over the past 7 days.
Ripple 7-day price chart. Source: CoinMarketCap
Dash (DASH), the 15th top coin by market cap, is seeing the biggest growth among top 20 coins by market cap at press time. Up 10 percent, the token is trading at $91.65 at press time.
On the other hand, Cardano (ADA), is down around 0.7 percent today, which is the biggest loss among top 20 cryptos by market cap.
Total market capitalization has been hovering between $133–$134 billion for the most part of the day. Daily trade volume is $32 billion at press time.
Total market capitalization 7-day chart. Source: CoinMarketCap
Earlier today, the official wallet by the world’s largest crypto exchange Binance added support for credit card purchases and Ripple’s XRP token. Binance’s Trust Wallet now allows users to purchase XRP, BTC, Bitcoin Cash (BCH), Litecoin (LTC), and ETH with credit or debit card, which followed a partnership with payment operator Simplex.
United States stock markets have seen mixed signals today, with the Dow Jones Industrial Average (DJIA) seeing a decline of 0.25 percent at press time, while S&P 500 (SPX) and Nasdaq (NASDAQ) Composite are up 0.4 percent and 0.6 percent, respectively. According to CNBC, DJIA’s fall took place amidst the drop of Boeing shares that fell more than 6 percent.
Meanwhile, oil prices have grown today, which is allegedly supported by Saudi Arabia’s plan for further voluntary supply curbs in April and by a reduction of oil exports from Venezuela due to a power outage, as CNBC reports. The global benchmark Brent crude and West Texas Intermediate (WTI) crude oil are up 0.2 percent and 0.25 percent, respectively, while OPEC has jumped 1.9 percent at press time, according to Oilprice.com.
Gold prices have also seen some growth on Tuesday, reportedly supported by a retreat in the U.S. dollar amidst Brexit negotiations between the European Union and United Kingdom, according to CNBC. Spot gold is up around 0.6 percent, while U.S. gold futures are up almost 0.9 percent at press time.