Market Analysis: Ethereum (ETH) Fork Appears Successful, Ripple (XRP) Listed on Coinbase, Major Cryptocurrencies in the Green

February 28, 2019 / by Zachary Mashiach

Bitcoin (BTC) is now back above $3,800 after briefly falling below it yesterday afternoon.

There was some unusual and extremely volatile trading activity late this morning, with Bitcoin (BTC) falling to $3,755 and rising to $3,900 in less than 30 minutes. Bitcoin (BTC) stabilized near $3,850 and then fell throughout the afternoon to about $3,800.

This volatility actually traced out the local support and resistance levels for Bitcoin (BTC). There is support from $3,700-$3,750, and resistance at $3,900.

The longer-term support level is the bear market low of $3,100. The longer-term resistance level is $4,200, which has been hit but not exceeded a few times since December.

In other crypto news, the Ethereum (ETH) Constantinople/St. Petersburg hard fork successfully deployed at block 7.28 million around 3 p.m. Eastern time. Ethereum (ETH) is up 3.1 percent today, and now, perhaps, the Ethereum (ETH) market will generally be more bullish since the fork anxiety is over.

Ripple (XRP) was officially listed on Coinbase today after being listed on Coinbase Pro a couple of days ago. Ripple (XRP) is up 2 percent today, and most of this gain happened when the Coinbase listing was announced. Relative to other Coinbase listings in the past this is not much of a rally, however.

The rest of the major cryptocurrencies are in the green today. EOS is up 3 percent, Litecoin (LTC) is up 4 percent, Bitcoin Cash (BCH) is up 1 percent, Stellar (XLM) is up 0.5 percent, Tron (TRX) is up 0.1 percent, Binance Coin (BNB) is up 6 percent, Bitcoin SV (BSV) is up 0.1 percent, Cardano (ADA) is up 1.6 percent, Monero (XMR) is up 0.7 percent, IOTA (MIOTA) is up 0.9 percent, Dash (DASH) is up 3 percent, and Dogecoin (DOGE) is up 0.6 percent.

The total crypto market cap has gained $3 billion in the past 24 hours, rising from $127.5 billion to $130.5 billion. This precisely makes up for the losses from yesterday and continues the trend of alternating bear and bull days. Averaging out the volatility the total crypto market cap has essentially been stable since Feb. 24, with perhaps a slight uptrend.