So far, 2019 has been relatively eventful for cryptocurrencies. While the huge rally is still just out of the reach, there were a few smaller surges in the past months which have shown that the bearish influence is losing its energy.
The last such surge started on February 18th, and it ended rather abruptly on February 24th. However, during this time, a lot of coins managed to make significant gains, with some of them even going as far as to briefly repair the damage they have seen in November 2018 market crash.
However, this is what happened in the past. And, while the past performance is important for coins, as it provides insight into potential patterns and behavior of specific coins, most investors are more interested in what to expect in the near future. March 2019 has arrived, and everyone wants to know what can be expected of the top 3 largest cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), and XRP.
Bitcoin (BTC) in March 2019
Bitcoin is currently seeing gains, albeit extremely minimal, with the coin growing by only 0.02% in the previous 24 hours. At the time of writing, its price is at $3936.1, while its market cap remains just above $69 billion. Meanwhile, the largest cryptocurrency’s daily trading volume is above $10.2 billion, indicating that traders and investors are still using the opportunity to buy BTC while its price is low.
Bitcoin has seen decent enough gains during the one-week rally in February. It reached and even managed to breach, the $4,000 resistance, although it was struggling to stay above this price, and it was pushed back every time it made an effort to grow beyond it. While many assume that Bitcoin is ‘running dry,’ and that it is the lack of a cash flow what is preventing it from surging, it is still possible that the coin will find new strength and grow once again.
Nasdaq has recently launched Bitcoin and Ethereum indexes, which is a huge step in the right direction for both coins, as it will increase awareness and provide the two largest coins with additional attention. Further, Bitcoin has strong support at $3,800, and it managed to stop the decline during the correction on Feb. 24th. For now, it appears that BTC is gathering strength, and if nothing particularly damaging happens to the market, the coin will either stay where it is, or start slowly climbing back up towards $4,000.
Ethereum (ETH) in March 2019
Ethereum has also seen a lot of activity recently, and the coin managed to grow by as much as 33% in February before the correction took place. It went from $103 on February 6th to $164 on February 24th. However, the price reduction brought it down to an average price of $140 in the last week. ETH has mostly been trapped between the support at $136 and resistance at $144. However, on the last day of February, ETH experienced two hard forks which integrated two upgrades — Constantinople and St. Petersburg.
The two are expected to improve several aspects of Ethereum’s blockchain, including scalability, energy consumption, speed, and efficiency. They also reduced the mining rewards from 3 ETH per block to 2 ETH per block. The coin is currently trading in the red, although its losses are minimal, with a drop of only 0.57% in the last 24 hours. While ETH is recovering from the forks, its price remains at $139.94 at the time of writing, and it is possible that the more efficient and improved blockchain will bring more activity to ETH in March. As a result, its price may start climbing up. Again, if the bears remain silent, ETH might be seeing another surge soon.
XRP in March 2019
Finally, there is XRP, which has seemingly recovered quite quickly after a sharp bearish trend that took over last Sunday. After attempting to deal with a resistance at $0.34 to which the bullish momentum brought it, XRP dropped when the bears moved in, but its decline was stopped by support at $0.300. After spending a single day right above this support level, XRP surged once more and was again stopped by the $0.34 resistance.
However, in following days, its price started seeing a small decline, which was briefly stopped by minor support at $0.32, where the coin spent the final days of February. The coin broke this support on February 27th, and it has since been acting as resistance, until today, March 1st.
XRP is currently seeing 2.06% gains which have brought its price to $0.31172 at the time of writing. If the trend continues, XRP might continue to rise, even though most of the coins in the top 10 list are currently trading in the red. This kind of behavior is not unusual for XRP, and while it is still subjected to the volatility of the cryptocurrencies, the coin is seeing more and more acceptance by major banks around the world. Its influence is particularly strong in Africa and East Asia, while the banks are slowly turning to Ripple Labs’ products which are fueled by XRP.
While it is unlikely that XRP will achieve a massive rally on its own, its price can still keep its stability in March. On the other hand, if the entire market enters a bull run, XRP is likely to join as well, as there is nothing stopping it from growing if a positive momentum takes over.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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