15.04.202116:04 Forex Analysis & Reviews: Cryptocurrency market overtakes Apple in capitalization, but altcoins took a break: reasons and forecasts

Major cryptocurrencies have been rewriting historical indicators all week and have overtaken tech giant Apple in total capitalization. The value of all crypto assets already reached $2.26 trillion. Despite the solid success, over the past 24 hours, the market took a break and decreased by 1.3%. The main altcoins, following a 2% drop in bitcoin, also went into a slight correction.

Among the main reasons that contributed to the fall in altcoin quotes is the start of the listing of Coinbase shares on the NASDAQ platform which caused a certain downturn in market activity. It is likely that the situation with the direct listing indirectly intensified the local correction in the market, which was brewing due to the constant rewriting of the highs. Bitcoin also played a role in the market fall, which lost $2,000 in price and pulled the entire market with it. The news background was also diluted with unpleasant news from representatives of the Kraken crypto exchange. Kraken CEO Jesse Powell said that the company could leave the United States due to the tightening of legal regulation of cryptocurrencies. According to Powell, innovations can significantly undermine the position of cryptocurrencies in the eyes of large investors due to many restrictions.

The only coin that did not succumb to the general downturn was Ethereum. The crypto asset has risen in price by 1.5% over the past day and has not lost in daily trading volumes - $40.5 billion. As of April 15, the ETH/USD pair is quoted at $2,430, and the asset shows the prerequisites for the start of growth. Soon, ether will reach $2,500 and, with the support of the market, will be able to gain a foothold over a difficult border. The main factor that helped the altcoin avoid correction was the launch of the Berlin update - a change in the Gas commission transaction algorithm. Due to the gradual transition to the ETH 2.0 version and steady growth amid a general hangover, the market may support the cryptocurrency. This will allow the asset to overcome another historic milestone and even get closer to the $3,000 mark.

The XRP token was unable to avoid the crisis and over the past day decreased by 9.3%. As of April 15, the asset's indicators remain at $1.7, but the daily trading volume fell to $18.6 billion, which does not give the coin the prerequisites for growth. In addition, the local dynamics of changes in value remain negative (-1.5%). Given the recent state of affairs, the cryptocurrency will not enter the stage of a protracted correction, since at this stage it is the most active and speculative asset on the market. This is because, after several victories by Ripple over the SEC in the courtroom, traders are paying the same attention to the asset as they did in the peak of 2018, before the SEC lawsuit. In addition, if the market situation does not change, then the token temporarily free from the shackles of the SEC may reach $2-$2.5. The asset can reach the $3 mark, but only if the upward trend continues, buyers' interest and there is no negative reaction from the regulator.

Litecoin also sank in price by 1.4% over the day. The asset has consolidated at the safe level of $270 and is preparing for further growth. The dynamics of the fall in prices for cryptocurrencies in 24 hours and the general positive background indicate that the fall in altcoin quotes occurs within the framework of a healthy local correction, which remains within the upward trend. The main cryptocurrencies have taken a foothold in safe positions, with significant market support, and therefore it is safe to say that the crypto market will resume growth soon.