Cryptocurrencies: 2478 / Markets: 20603
Market Cap: $ 267 530 327 277 / 24h Vol: $ 49 428 186 051 / BTC Dominance: 68.5%

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Bitcoin Price Fights for $3,600 as Crypto Market Remains Sluggish

By CCN.com: It was another relatively boring trading day in the cryptosphere, at least as far as the major coins go. Way down the list we saw some serious activity in Monero, Dash, Aelf, and something called Holo. As far as Bitcoin and the top 5 coins go, prices remain virtually unchanged from yesterday.

Bitcoin Price Sets Sights on $3,600

BitMEX conducted a plurality of the day’s trading on Bitcoin, with around 12% of the total volume. The performance of the OG crypto there didn’t bode well for the rest of the market. At the time of writing, it was $3,568, indicating a slide for the rest of the markets might be impending.

Bitcoin seems comfortable in the $3,600 range, but the most active market had it in the mid $3,500s.

The chart above is from OKCoin, which conducted only 1% of the overall volume and had a price almost $100 higher by the time of writing. The TSI on that market read out at -7, an improvement over yesterday.

Bitcoin Cash Gives up Gains

Bitcoin Cash erased a minor amount of the gains from yesterday, clocking in at just over $129.

Bitcoin Cash lost some of its yesterday gains.

It still registers a roughly 2% loss, with the majority of the 24-hour period’s trading taking place at Lbank, for which third-party charts are not available. The period saw a high of over $134 on reputable Bitstamp. Some markets were strangely posting much higher prices for BCH, such as HitBTC and Poloniex. These markets post fractional amounts of the overall Bitcoin Cash trading, however, so their numbers should probably not be used in placing futures bets on BCH.

Two markets posted very questionable prices of Bitcoin Cash: Poloniex and HitBTC.

Ethereum Holds Below $120

Ether has yet to re-cross the important $120 marker since yesterday. Some markets had it rebound, while others saw it push down. In general, the consensus on the Ethereum price right now is between $117 and $118.

Ethereum has yet to recross the $120 mark since dropping beneath it earlier in the week.

A few major factors play into the Ether price including demand created by ICOs and popularity of decentralized applications. The crypto winter seems to be truly in effect here near the end of January.

Aelf Outperforms the Crypto Market

Ethereum alternative Aelf, which allow for the creation of private blockchains, saw the most gains out of all cryptos over the 24-hour period, taking a roughly 9% upward hike.

Aelf would have been a good bet this morning if you had a big lever.

Of course, for Aelf this is not an extreme amount of money, given the overall current low token value. A penny equals 10% when your token is worth 10 cents. Nonetheless, the increase in Aelf interest may be interesting to smart contract aficionados.

Aelf, NEO, Tron, Cardano, and others are actively working to unseat Ethereum as the dominant smart contract platform. Some platforms offer private blockchains while others follow the Ethereum model (like Tron). The future is largely unwritten in this all-important area of blockchain development.

Monero Rises on Heavy Bithumb Volume

Monero was traded heavily at Bithumb today, regaining over 3% of its lost glory.

Monero (XMR) gained about 6x what Bitcoin did over the 24-hour period. It’s still far below its $60-range from 30 and 60 days ago.

Over at Kraken, where the above chart is from, it saw a daily high of over $46. Wasn’t long ago we were looking at XMR prices of $60 and higher. It might be buying season for privacy-coin fans.

Dash Recovers from Intraday Drop

Dash dropped as low as $70 today on Binance, where it is only traded against Bitcoin, almost regaining its starting position by the end of the period.

Dash struggled throughout the day but seemed to effect a recovery. Lots of factors go into demand for Dash.

While Dash has been pushing hard to increase adoption of its Bitcoin-alternative in regions like South America and has had other major successes with cell phone adoption, it seems the cryptocurrency is still in a free-wheeling state and discovery phase.

Importantly, there have recently been fears of mining centralization within the Dash community. There were reports that a single miner had attained more than 51% of the hashrate.

Featured Image from Shutterstock. Price Charts from TradingView.

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