In this week’s crypto analysis, Bitcoin looks set for a short-term correction despite recovering significantly from the grueling sell-off that has disrupted all global markets over the past fortnight.
The king coin has been unchanged on a day-to-day basis and has lost about 1% since the beginning of Friday. BTC hit the intraday high at $6,874 but failed to hold the ground. Now it locked in a tight range with short-term bearish bias amid shrinking gains.
Let us take a look at how this week’s top cryptocurrencies fared, along with some of the best performers in the altcoin category.
Bitcoin Price Might Be Ready to Take Off
The king crypto’s bulls retained control of the market for the second straight day as the price broke through the $6,800-level.
So far this Friday, the price has gone up to settle at the 6,700 mark at press time, following an equally bullish Thursday where the price rose from $6,690 to breach the $6,757 mark.
According to data provided by Glassnode, Bitcoin (BTC) holders are actively withdrawing their funds from exchanges. This indicates that BTC might be in the middle of another accumulation stage before a possible rally.
Interestingly, outflows from major exchanges have been increasing since March 18. As a result, their Bitcoin balances reached the lowest level in eight months, which means that there is no whale dump insight.
ETH Pushes Higher
Meanwhile, Ethereum has pushed higher over the past week as some bullish sentiment kicked in on Thursday trading.
The price fell pretty hard over the last 30 days and reached a low of $90.00, but now there is a glimmer of hope for the bulls.
Additionally, the buyer congestion at $135 is intact and ready to stop any extended losses. For now, ETH/USD is trading at $137.92 amid a bearish trend and expanding volatility.
Ripple’s XRP/USD Pair Hit Hard
XRP/USD is the worst-hit among the top three, with losses amounting to 1.72% on the day. There was an attempt to clear the resistance at $0.1800, but the momentum hit a wall at $0.1766. Buyers are now working hard to stay above the new support at $0.1700
On the upside, XRP remained in control on Friday as the price went up to $0.1725 (at the time of writing). This followed a heavily bullish Thursday where the price spiked from $0.162 to $0.176.
Cardano’s New Scaling Solution Surpasses Visa
Cardano (ADA) network, On March 25, released Ouroboros Hydra, a protocol that has been in development for more than five years.
According to news reports, the new protocol massively increased scalability as well as latency for the blockchain while ensuring that the least storage on the network nodes is utilized.
IOHK, the firm behind the development of Cardano, reckons that Ouroboros Hydra can scale to 1 million transactions per second. This level of scalability has not been achieved by any of the current generation of payment systems in the world.
The new upgrade seems to have had a positive impact on altcoin, as ADA has been amongst the top tokens showing recovery this week.
After hitting $0.026 on March 23, Cardano initiated price recovery and breached a $0.030 mark in the next two days. Today, ADA opened on a positive note with a price of $0.0305 at press time.
Monero (XRM) Tops List Of Altcoin Gainers
Since the time XRM plummeted to $24.05 during the horrendous market-wide crash that occurred on March 12, Monero has rallied by up to 99.5% and is exchanging at $49.50 at the time of writing.
The recent recovery has mainly been a result of consistently strong buying volume, and XRM has spent the last week or so trading in an ascending channel.
The altcoin has also performed well this past week in its Bitcoin (BTC) pair, recovering 28% since dropping to 0.00613 satoshis.
Meanwhile, the Neo Foundation declared on March 25 that they had released the required funds to carry on operations in the New Year. A total of 1,660,865 NEO worth about $11 million was released, with 27,800 NEO worth another $190 million is to be released.
This news seems to have positively impacted performance in the last two days, with altcoin now hovering around psychological $7.00. The coin has gained over 2% on a day-to-day basis.
However, the upside momentum has faded away during the early hours of Friday trading, with NEO currently trading at $6.98 at the time of writing.
The crypto market is sinking in the red waters once again after major coins Bitcoin, Ethereum, and Ripple failed to slide above critical resistance levels at $7,000, $142 and $0.18 respectively.
On the flipside, Monero (XMR), the biggest gainer in the last seven days, is up more than 18% over the previous seven days compared to Bitcoin’s 6.29%.
The entire crypto market is relatively stable, with the market cap growing by only $2 billion from $184 posted on Thursday to $186 billion according to the data on CoinMarketCap.