It has been another mixed 24 hours of trade for the crypto market.
The overall market appears to be in a holding pattern right now as traders await the next major market-moving catalyst.
This has left the entire value of the market roughly flat compared to yesterday at approximately US$237.6 billion according to Coin Market Cap.
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price has risen 0.2% over the last 24 hours to US$7,291.56 per coin. This small gain has lifte the world’s largest cryptocurrency’s market capitalisation to just under US$125.8 billion. Although short interest in Bitcoin is rising, it has thus far failed to drag its price lower.
The Ethereum (ETH) price has dropped 1% during the period to US$290.62. This decline has reduced Ethereum’s market capitalisation to just under US$29.6 billion. Overnight Google added Ethereum to its big data analytics platform, BigQuery.
The Ripple (XRP) price has tumbled 1.5% since this time yesterday to 33.69 U.S. cents. This leaves XRP with a market capitalisation of under US$13.6 billion. Some experts say that technical analysis is pointing to Ripple testing its 32 U.S. cents support level in the near future.
The Bitcoin Cash (BCH) price has fallen 1.2% over the last 24 hours to US$629.75, reducing its market capitalisation to US$10.9 billion. The Bitcoin spin off has given back some of the strong gains it made after its successful stress test.
The EOS (EOS) price is up 0.1% over the period to US$6.53 per token, improving its market capitalisation to US$5.9 billion.
Outside the top five things were equally mixed. Stellar (XLM) and Tether (USDT) have edged lower, whereas Litecoin (LTC), Cardano (ADA), and Monero (XMR) have pushed higher. The latter coin has been a strong performer and surged 10.5% higher during the last 24 hours.
Where next for prices?
Right now I feel the bulls and the bears are battling it out for control. If a positive catalyst comes then I could see Bitcoin pushing towards the US$8,000 mark again and dragging its peers along for the ride. But if a negative catalyst pops up, prices could go the other way in a hurry. Because of this, I plan to watch on from the safety of the sidelines for the time being.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.