It has not been a good week for the majority of cryptocurrency markets. While many people eagerly wait for a bounce to a strong buy signal, it remains unclear if and when that will happen. Several currencies note a strong buy support rating, though, indicating something might be brewing.
Bitcoin (100% Buy Support Rating)
It is painfully apparent the Bitcoin price momentum will influence all other markets over the coming days and weeks. Even though some markets showed signs of decoupling from BTC, that is no longer the case right now. When the Bitcoin price moves up again, there is some room for cautious excitement. Before any price momentum can happen, there needs to be substantial buy support to warrant movement.
Per Coinmarketbook, Bitcoin currently has a 100% buy support rating. A substantial amount that might not make much sense to people. The platform indicates there is over $278.226 million in buy orders at 10% distance from the highest bid price for Bitcoin. A decent amount, even though it represents just 0.0306% of the market cap. As such, one has to wonder how much impact this “buy support” can offer for the world’s leading cryptocurrency.
Ethereum (35.9% Buy Support Rating)
The second-largest cryptocurrency by market cap tries to hold its own relatively well under the current circumstances. Unfortunately, it too notes a steep loss over the past week, albeit significantly lower than Bitcoin’s. With $99.869 million in buy support – within 10% of the highest bid – there may be a reason to expect a market bounce soon.
It is essential to understand this buy support represents 0.022% of the market cap, making one wonder how things will proceed this week. A 35.9% buy support rating is not bad, although it may not be enough to keep Ethereum above $3,500 for much longer.
Litecoin (19.41% Buy Support Rating)
It is interesting to see Litecoin pop up in the third spot among currencies ranked by buy support rating. Litecoin is not in the top five of cryptocurrencies by market cap, yet it seems many people have been waiting for this market dip. With $53.996 million in buy orders within 10% of the highest bid, there is relatively strong market support for LTC. The current support represents 0.2587% of Litecoin’s market cap, which is much higher than other currencies on this list.
Cardano (18.13% Buy Support Rating)
As one of the few assets still noting a strong weekly performance, Cardano has surprised many traders. Even today, the asset notes $50.439 million in buy support near the top bid. As that represents 0.0749% of the current Cardano market cap, there should be enough support to keep the price above $2 for a while longer.
XRP (14.57% Buy Support Rating)
Even though it hasn’t been the easiest week for the majority of crypto assets, XRP has performed a lot better than most people would have expected. As its price remains relatively stale, there is still more than enough buy support today. Just over $40 million sits in orders within 10% of the highest market bid. Although that is just 0.0855% of the XRP market cap, it can prove sufficient to thwart most volatility.
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