Bitcoin, Ripple, Litecoin News and Analysis
- Ripple’s (XRP) recent rally has faded with the coin now resting on important support.
- Litecoin’s (LTC) path of least resistance remains lower.
In periods of quiet trade/low volatility traders should read/re-read the Traits of Successful Traders guide to make sure they stick to market ‘best practice’.
We have recently released A Guide to Day Trading Bitcoin & Other Cryptocurrencies to help traders navigate this volatile marketplace.
Cryptocurrency Market Remains Neutral to Negative
The cryptocurrency market is currently covered in red ink as sellers continue to push the market lower and down towards important support levels. Ripple has bounced and faded – after talk of adoption by Coinbase, while Litecoin has fallen through support and is eyeing the next leg lower. Bitcoin continues to battle against sellers with large turnover against Tether (USDT) noted (See Below)
Top Six Cryptocurrencies by Market Value – March 7, 2018
Tether (USDT) Turnover Larger Than Market Capitalization
Tether – the digital USD currency backed by fiat US dollars continues to make waves with turnover in the token larger than its market capitalization. In the last 24-hours BTC/USDT turnover was in excess of U$1 billion, while turnover against all coins touched $2.5 billion, sizeable trade in an overall quiet marketplace.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum check out our Introduction to Bitcoin Trading Guide.
What’s your opinion on the cryptocurrency market at the moment? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1.
--- Written by Nick Cawley, Analyst.
