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The crypto market has faced strong resistance which does not allow the main cryptocurrencies to grow. Bitcoin turned out to be the only virtual asset to set new highs. The world's most valued cryptocurrency advanced to $61.5K and since then has fallen for three consecutive sessions. Other major altcoins have not shown any increase for four days in a row.
A correction that hit the crypto market at the end of February seems to have ended. However, the main cryptocurrencies are still unable to rise. The news background also does not make the situation any better. Even Bitcoin's resilience did not help it to consolidate at $60K and extend the rally.
The top cryptocurrency has lost 12% over the last three days and is now trading at $54K. BTC's resilience helped it consolidate only above $50K. Given a stable news background, the token has a great chance to advance in the future. Still, it is not clear for how long the price will move upward amid the caution of large investors.
Meanwhile, Ethereum still cannot break the $1800 barrier. It sometimes sinks to $1750. Possibly this is due to the recent ETH network upgrade or the decision of over 100 companies to migrate from Ethereum and Cardano. The altcoin is now trading in the $1700-1800 price range.
As for Ripple's XRP, it has been trading at $0.455 for over a week. The token is unlikely to grow due to a SEC vs Ripple case. Recently, the crypto giant has filed a formal response to the SEC and requested documents related to the agency's determination that Bitcoin and Ethereum are not securities. The market awaits the outcome of the court battle.
Litecoin is stuck at the price range of $190-200. Given the current market situation, the price of the coin will be under the influence of general crypto market sentiment. Anyway, only small price fluctuations are highly likely in the crypto market in the next few days.
The current situation may be the consequence of the euphoria in the crypto market that took place in February. In this regard, some assets have acquired cyclical features. That is, they started to depend on investor sentiment. This is clearly evident now when large investors are cautiously looking towards the crypto market due to the possibility of new lockdowns in Europe.
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