This week, the cryptocurrency market saw a lot of fluctuations, starting with Bitcoin rising above $71K, which indicates that the market is active but unpredictable. However, Bitcoin has a volatile ride, and its path has a considerable impact on altcoins, proving that the crypto market is interconnected. Notably, the movements of Bitcoin were supported by an unprecedented inflow of ETFs and a new approval of an ETF in Thailand which boosted the morale of investors.
Today, Monero (XMR) is one of the most stable cryptocurrencies, which proves its high performance with a 3.97%,trading at $170.48 Monero’s privacy features remain a strong selling point for investors, especially when the market is under increased regulatory pressure.
The cryptocurrency has had a trading volume of $81 million, which shows that there is a lot of interest from investors. It has a relatively stable price compared to other highly volatile cryptocurrencies, which indicates that it has a stable demand and can be considered bullish if it continues to hold its support levels.
TRON (TRX) also displayed a positive trend and had a relatively small increase of 1.89% to reach $0.1152. Although the percentage increase is lower, the trading volume of TRX is $362 million, which shows that TRX is actively involved in trading. TRON has been able to maintain its performance due to its strong dApp ecosystem and continuous updates that appeal to a wider audience of crypto users.
KuCoin Token (KCS) recorded a marginal rise of 0. 68%, and changing its price to $10. 26. Although the increment is not very high, the trading volume of approximately $1. 17 million means that KCS is not as active as it is on other days. The price fluctuation of KCS for the day included the probing of crucial support levels during occasional sell-offswhich indicates that the market sentiment of the traders is conservative yet healthy.
After reaching the day’s low of $10. 18, KCS managed a recovery, this means that there is a strong demand around this price level. This support zone is important as it could be used as a basis for further growth of the price in case KuCoin will add more services and attract more clients to its platform.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.