22.04.202116:06 Forex Analysis & Reviews: ETH rose 10% but market continues to fluctuate: analysis of indicators of major cryptocurrencies

The market correction, exacerbated by the negative news background and bitcoin problems, shook the position of the cryptocurrency market. Despite this, the total capitalization of all coins increased by 3%, reaching $2.12 trillion. The main factor of such impressive growth in the general decline was Ethereum.

Over the past day, the cryptocurrency has increased by 12% to its value and has come very close to the $2,600 mark. Considering the increased daily trading volumes to $56.5 billion and the positive dynamics of price growth over the past few hours (+ 2%), the asset will continue to grow rapidly. As of 12:00 UTC, the quotes of the ETH/USD pair reached $2,580 and are demonstrating confident growth associated with the attraction of a new wave of investors to the cryptocurrency. After the all-time high refresh and the Coinbase stock listing, Ethereum figures sagged over the weekend. This was also aided by a hard fork bug after the Berlin update. However, as expected, in the longer term, this brought positive to the cryptocurrency: having decreased to a local minimum, more large companies entered ETH. This was helped by the local market correction, as well as updating the algorithm for the execution of Gas commission transactions. The news background around the ether also remains positive, as two funds based on ETH were launched on the Toronto Stock Exchange. In addition, the rating agency Weiss Ratings conducted a study and found that in the short term, competitors of the ETH network will not be able to withstand the main altcoin. Due to the combination of positive factors, ether quotes will continue to rise and may reach $2,650.

XRP does not share the positive of ether and lost 1% over the course of the day, consolidating at $1.33. The stable daily trading volume of $11.5 billion indicates a lack of increased interest in the asset. Most likely, the cryptocurrency will continue to fluctuate in a wide range of $1.30-$1.35, where the coin has the highest support. A new impetus for the growth of the token will be another piece of information from the courtroom. So far, the asset remains in demand due to ample opportunities for manipulation, as well as underestimation after the cryptocurrency crisis in 2018.

Among other altcoins, the most prominent is the LTC/USD pair, which has risen in price by 9% over the past day. The asset has reached the $284 mark and continues to increase its turnover, however, the level of daily trading volumes remains at the usual low level. Most likely, the impetus for the short-term growth of cryptocurrency indicators was the positive news, among which the investments of the Rothschild fund in the Kraken platform stand out. Also, another exchange, Gemini, has published a report stating that more than 63% of American adults are interested in cryptocurrencies. At the same time, the news background remains rather dim and does not dispose to rapid and continuous growth. Also, bitcoin's problems exacerbate the situation, which prevents the market from getting out of the correction. Based on this, we can expect the continuation of fluctuations in major cryptocurrencies within safe boundaries.