The majority of cryptocurrencies in the top 10 bracket on CoinMarketCap are trending slightly higher on the hour-to-hour charts as an upward correction builds momentum ahead of the weekend.
The total market capitalization now stands at about $250 billion.
The global market cap rose sharply from about $241 billion, which also marks the point at which most coins began to trend upwards.
The total 24h trading volume now stands at $11,304,853,761, with Bitcoin accounting for 31% of that. Bitcoin’s market dominance is currently at 43.0%, 0.3% lower over the last 24 hours.
There hasn’t been any significant news, though prices could be boosted by reports that India could give crypto lovers a reprieve by offsetting any blanket ban.
The current market trend, therefore, could be a result of usual price speculation as well as movement due to supply and demand.
Bitcoin (BTC) price analysis
Bitcoin prices put a stop to July 12 drop when its price gained over $130 during early Asian trading hours.
The top crypto rose sharply from a low of $6,136 and rallied to hit $6,271 in the early hours this morning.
Further upsides took it a high of $6,287 as shown on CoinMarketCap. However, there was a slight pullback that saw prices decline to the current range just above $6,270.
Bitcoin has gained over 1.2% in the last 24 hours. There could be more upsides in the offing, although the 5-day and 10-day MA are likely to provide resistance at $6,366 and $6,500 respectively.
Bitcoin accounts for a majority of the intraday volume as usual, with a total of $3.5 billion traded in the day.
A majority of it is in the USDT/BTC pair on Binance and OKEx at about $300 million. ETH/BTC accounts for 3.6% on CoinEx.
BTC/USD outlook remains bearish near-term due to the possibility of selling pressure. It’s therefore essential for the bulls to stay calm.
Ether (ETH) price analysis
The general positive price outlook in the market is replicated in Ethereum in its intraday price charts.
Ethereum is currently trading just above $440, a significant gain given that its prices dropped to a low of $416 on Thursday, July 12.
The decline, however, was stopped in the early morning hours as the coin’s value rose sharply from $422 to $435.
ETH/USD also saw a series of higher highs as it rallied to touch an intraday high price at $443.
ETH has massive support above $430 at the moment and could see more gains as it trends +2% higher in the last 24 hours.
Its RSI is pointing upwards to suggest more growth though it must clear the 10 SMA at $453 first.
The second largest coin has a market cap of $44 billion and has seen a total of about $1.4 billion worth of the coins traded today.
Most of its volume is in the ETH/USDT pair traded on CoinEx and Binance.
US-based law firm Foley & Lardner has revealed results of a survey they undertook. It shows that 38% of investors believe Ethereum is a better investment. Bitcoin was second with 35% preferring it.
Ripple (XRP) price analysis
Ripple was trading nearly 2% higher today compared to its prices yesterday, currently just above $0.440. The third-ranked XRP has traded in a range between $0.436 and $0.445.
XRP prices declined to a low of $0.428 before they rose sharply to reach $0.440 early in the morning. A series of decisive moves took it to a new high just above $0.444.
Though XRP/USD has gained by about 2 percent, its price range is still lower than yesterday’s opening prices at $0.449.
Regarding daily trading volume, the crypto has dropped slightly and has a global index of about 1.55%, ranking it 9th in terms of daily trading volume.
Its current trading volume is just above $175 million, declining by nearly $7M. Most of the trading volume is generated at HitBTC and Bitbank in BTC and JPY respectively.
The market cap has also dropped slightly from $17.6 billion to $17.3 billion. Even though there are signals to indicate an upward trend, it may correct lower if bulls fail to hold above $0.440.
TRON (TRX) price analysis
TRON (TRX) retains the appeal it has had since it launched its mainnet and proceeded to have its token swap.
The positivity around the coin is due to the resumption of deposit and withdrawals as more exchanges complete the upgrade.
TRX is currently trading over 4% higher on its prices a day earlier. It has also gained more than 2.9% against BTC.
TRON had earlier dropped to trade at a low of $0.0313 before an upturn saw its value rise to reach an intraday high of $0.0337.
The coin is one of the biggest gainers today as the market experiences a surprise recovery.
Regarding its intraday trading volume, TRX ranks 10 globally with an index of about 1.46%.
The majority of TRX liquidity is generated on OKEx and Binance, with BTC and USDT pairs contributing to over 26% of total volumes.
The trading volume has grown in the last 24 hours from $162 million to $165 million.
The total market cap has however remained within the same range at $2.2 billion, leaving TRON in 11th position on CoinMarketCap.
Cardano (ADA) price analysis
Cardano prices have recovered slightly, to record gains against both USD and BTC. The 8th ranked ADA has gained by over 2.5% and by over 1% against the USD and Bitcoin respectively.
It currently trades just above $0.1287 and is looking positive on the hourly charts.
There isn’t any special news driving the price so it could be down to the general market upswing.
However, the IOHK has given updates to the roadmap, and the approach of a critical mainnet release may be the reason for the upbeat mood.
ADA ranks 22nd on global trading volume charts and has seen a total of about $38.4 million worth of ADA exchanged today.
Most of this volume is on Binance and Upbit, with ADA/USDT and ADA/BTC accounting for the majority of the overall volume.
The overall market cap is $3.3 billion, down by about $1 million since July 12. Predictions put ADA/USD higher in coming hours, probably above $0.1340 if prices continue to rally.
IOTA (MIOTA) price analysis
IOTA is struggling to break above $1.00 against the USD as it faces some selling pressure.
The coin last traded at today’s levels on June 30 and could break above to see gains take it to $1.20.
MIOTA ranks 9th on CoinMarketCap and is exchanging hands just below $0.99, which is the point it rallied to after dropping to a low of $0.936 earlier in the day.
If the market continues to rally higher, IOTA could be traded above July 3rd prices by this weekend.
Today’s trading volumes have dropped by a huge margin compared to July 12. The coin currently has a trading volume of $32.5 million, down from $36.9 million traded a day earlier.
OKEx and Binance continue to provide the majority of the trading volume, accounting for more than 30%. Bitfinex contributes to the 3rd most significant volume in the MIOTA/USD pair.
There’s an excellent uptrend momentum building up, and MIOTA bulls must aim to consolidate above $1.00 to push away the bears.