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ETH and XRP fluctuate, LTC has crossed an important milestone

The situation in the altcoin market was changing with the speed of a sudden rise in bitcoin quotes. The first cryptocurrency led to a local rise in the crypto market, but only Litecoin managed to take advantage of the situation. Total market capitalization rose 5.5% to reach $ 1.7 trillion, despite weak gains in major cryptocurrencies. The current dynamics of price changes suggests that the market has completely won back the existing positive and the quotes of the coins are beginning to roll back. Ethereum failed to take advantage of the short-term opportunity provided by bitcoin. The cryptocurrency has risen in price by 1.5% over the past day, and the current dynamics speaks of a reduction in asset quotations. At the same time, the daily trading volumes increased significantly, but there was no single positive trend over the past three days. The coin failed to overcome the difficult milestone of $ 2.6 thousand and continues to fluctuate in a narrow range of $ 2.37 -2.6 thousand. The main reason for the instability of cryptocurrency quotes in a convenient position is the decrease in the commission in the asset network to the levels of 2020. The downside of the situation is that the drop in commissions is associated with a decrease in the number of transactions carried out on the network. This is also evidenced by the average daily trading volumes. In the near future, the coin will continue to trade in the area of ​​$ 2.37 -2.6 thousand, without any special prerequisites for the start of full-fledged growth. A similar situation is with the Ripple token. The cryptocurrency did not take advantage of the easing pressure and remained practically unchanged in price. As of 15:00, the asset is quoted at $ 0.887 after an unsuccessful retest of the $ 0.92 mark. XPR / USD shows negative dynamics of price changes at low daily trading rates. All this indicates a lack of interest in the coin. In the near future, the token will try to once again storm the $ 0.9 mark, but without a strong positive impulse, success is unlikely. Litecoin managed to extract much more positive from the short-term outbreak of bitcoin. The cryptocurrency has risen in price by 4% per day, however, over the past two hours, it has begun to actively depreciate (-1%). At the same time, the asset continues to hold the important milestone of $ 170, where a lot of buyer’s support is concentrated. If LTC manages to gain a foothold above this mark, then in the near future we can expect a movement to $ 180. However, given the current dynamics, Litecoin will roll back to the $ 150 mark. Major altcoins have attempted to rally during a time of easing market pressures. However, the positive bitcoin and news that the Gemini cryptocurrency exchange has acquired the startup Shard X, and Interactive Brokers clients will gain access to cryptoassets, quickly faded. This is due to the huge accumulation of negativity related to China. In another province of the Middle Kingdom, mining was completely banned, and the country’s search networks blocked three searches related to the cryptocurrencies Binance, Houbi and OKEx. It also became known that the hash rate of Chinese mining pools decreased by 10%, which led to problems on crypto exchanges. In the US, criticism of digital coins is gaining momentum. Senator Elizabeth Warren has come out with harsh criticism of crypto assets and called on the government to counter crypto threats. The politician drew attention to the environmental friendliness of mining and hacker attacks, where digital coins were used. As a result, the market was oversaturated with negative news, which negatively affected investors. The Fear and Greed Index reads back down to the extreme fear level. This suggests that institutions are not ready at the current stage to launch a bullish trend, which means that the fluctuation of coins will continue. – Source: InstaForex

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