This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and TRON (TRX) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).
To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).
All market data used in this article was taken around 10:00 UTC on 24 February 2020 from CryptoCompare, which also provided the price charts shown in this article.
BTC-USD is trading at $9,715. This means that the Bitcoin price has been under the $10K level since February 20. Still, Bitcoin has still managed to gain +37.60% against USD in the year-to-date (YTD) period.
As for why Bitcoin is having trouble breaking through the $10K level, one theory is that Bitcoin is currently being seen more as a “risk-on” rather a “risk-off” asset; another is that Bitcoin whales are manipulating the market.
Here is prominent crypto analyst/trader Josh Rager with some technical analysis of Bitcoin’s latest price action:
Price dropped & bounced near the weekly/daily support around $9580
Holding above the $9550s is a good sign on higher time frames and breaking below the $9300s will still flip bear bias
Lower time frames in down channel but weekly chart still not confirmed trend reversal pic.twitter.com/vCZzAajReD
— Josh Rager 📈 (@Josh_Rager) February 24, 2020
ETH-USD is trading at $265.99. Although ETH-USD has dropped 0.92% in the past seven-day period, for the YTD period, it is up +103.37%.
ADA-USD set a six-month high on February 14 when it hit $0.07083. Since then, it’s been going downhill.
Although the 7-day and 10-day pictures look bad, Cardano’s return-on-investment (ROI) figures (against USD) for the 30-day, YTD, and 90-day periods look quite decent, being +36.99%, +76.77%, and +60.44% respectively.
On February 21, IOHK tweeted that the Cardano network had successfully carried out a scheduled network upgrade (a hard fork) to bring in Ouroboros BFT (a new consensus mechanism):
The Ouroboros BFT update went through successfully, a really positive next step in the development of the Cardano platform. Thanks to the hard work of all of those involved at IOHK, and we are looking forward to the exciting months ahead. #Cardano #CardanoCommunity
— Input Output (@InputOutputHK) February 21, 2020
TRX-USD is trading at $0.0204, which means that TRON is currently the 16-th most valuable cryptoasset by reported market cap.
TRX-USD has dropped -6.35% in the past 7-day period, but so far in 2020, it is up +54.45%.
Earlier today, in an article for Coindesk, Alexander S. Blum, the Chief Operating Officer of crypto finance firm Two Prime, wrote:
“Viewed through the lens of traditional finance, TRON is acting pretty predictably. It is acquiring more market share through the acquisition of weakened competitors, like BitTorrent, and their networks while promoting their retail financial product. They’re performing a balancing act between being a financial product and a technical one…
“Justin is leading TRON as a for-profit business pretty well. Why does that irk many hardcore developers? For those in the Western world sticking up their noses at TRON, it’s worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism…
“The emergence of TRON in highly competitive Asian markets is commendable. They are pioneering a new business model and creating wealth ex nihilo – out of thin air – because they focus on what works today. Their users share the company’s pragmatism. TRON, EOS and Ripple are pioneering community-centric financial products that offer exciting new models for wealth creation.”