empty
 
 
12.04.2021 04:23 PM
Local recession or full-fledged correction: ETH/USD, XRP/USD, and LTC/USD quotes began to fall

The past weekend was extremely positive for the cryptocurrency market. The indicators of the main altcoins have overcome psychological boundaries, which allowed them to show considerable growth. Despite the fact that over the past 24 hours the total cryptocurrency market capitalization has increased by 2% and reached $2.1 trillion, the main cryptocurrencies have taken a slight pause in growth.

After consolidating at $2,150, the price of the main altcoin - ETH - remained practically unchanged, and over the past day, the asset showed a symbolic growth of 0.4%. As of 10:00 UTC on April 12, the cryptocurrency is quoted at $2,150 but does not show significant prerequisites for further growth. Over the past few hours, the asset continued to show a decline in quotes by 0.4%. The local correction of the cryptocurrency is also indicated by the significantly decreased volume of daily trading, which amounted to only $27.2 billion.

This image is no longer relevant

The main engine of the market last week - the XRP coin - sank 4% over the past day. At the same time, the asset continues to remain in the zone of turbulence, consolidating at around $1.35. However, given the more rapid growth of the asset, as well as low support at current indicators, the cryptocurrency will continue its downward movement. This is evidenced by a significant decrease in indicators over the past few hours by 1.7%. In addition, the daily trading volume is only $14.7 billion, which indicates a clear decline in the interest of market participants in the XRP/USD pair, which could tip the asset up to $1.1.

This image is no longer relevant

The indicators of the LTC/USD and DOT/USD pairs have sunk. However, given the more rapid growth of Litecoin, its fall was more painful – by 3%. At the same time, the asset does not show negative dynamics of changes in indicators, as it is fixed in safe positions. And even though the daily trading volume of $8.2 billion does not predict the growth of the cryptocurrency, this will allow the altcoin not to sink so much in price. Polkadot indicators sank by 0.5% over the past 24 hours, but the asset continues to show the dynamics of a decline in indicators by 0.5%. Considering the sagging trading volume to $1.2 billion, the cryptocurrency will continue to fall in price and may drop beyond the $40 mark.

This image is no longer relevant

This image is no longer relevant

Even though the market was covered by a wave of "healthy correction", which will allow cryptocurrencies to continue to grow, the news background remains positive. For example, the head of ARK Invest Cathie Wood said that blockchain is the most promising type of innovation, which promises cryptocurrencies a big role in the future of the economy. In addition, the Telegram company began paying debts to investors through the Telegram Open Network platform, which also provoked an increase in cryptocurrency performance.

The local decline in the quotes of digital coins will not affect their further growth in any way. Taking into account that the news background around the market remains positive, and the main cryptocurrencies continue to hold strong positions, it is enough to wait for a new impulse for immediate growth.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback