Most of the top 20 cryptocurrencies are trading sideways, with slight gains over the 24-hour period.
Thursday, Jan. 24 — the top 20 cryptocurrencies are mostly trading sideways with slight losses and gains across the board. Bitcoin (BTC) is currently creeping above $3,600 according to data from CoinMarketCap.
Market visualization from Coin360
At press time, Bitcoin is continuing to trade around the $3,600 threshold as it did yesterday. The current price is $3,610, up 0.65 percent on the day. On its weekly chart, Bitcoin is down 1.4 percent from $3,670 on Jan. 17.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ripple (XRP) is seeing minor gains on the day, up nearly half a percent at press time and trading around $0.317. On its weekly chart, the second largest cryptocurrency by market capitalization is down over 3 percent from $0.328 on Jan. 17.
Ripple 7-day price chart. Source: CoinMarketCap
The third largest cryptocurrency Ethereum (ETH) has been trading in the $115-$120 range over the past four days. At press time, Ethereum is trading at $117.70, up 0.15 percent over the 24-hour period. On its weekly chart, the the major altcoin is down 4.25 percent from $123.47 on Jan. 17.
Ethereum 7-day chart. Source: CoinMarketCap
Over the 24-hour period, Monero (XMR), Litecoin (LTC), and Dash (DASH) have made small gains of 3.13 percent, 2.76 percent and 3.41 percent, respectively. Over the same period the three altcoins are trading at $46.45, $32.92 and $73.61, respectively.
Major altcoin Bitcoin Cash (BCH), which hard forked back in November 2018, is down 2.73 percent at press time, and is trading at $129.51, according to CoinMarketCap.
At press time, total market capitalization of all cryptocurrencies is over $120.5 billion, climbing back up from a slight slump over the 24-hour period. On its weekly chart, market capitalization is down 1.6 percent from $122.5 billion on Jan. 17.
Total market capitalization 7-day chart. Source: CoinMarketCap
Earlier today, analysts from major global investment bank JP Morgan predicted that the price of Bitcoin could sink even further, possibly below $1,260, as in their opinion, the value of cryptocurrencies remains largely unproven.
The analysts reportedly think that cryptocurrencies only make sense in a hypothetical “dystopian” event, wherein investors have lost faith in major traditional assets like gold and the U.S. dollar.