As most cryptocurrency markets remain stuck in sideways momentum, figuring out the buy support will prove crucial. Unsurprisingly, Bitcoin still tops the charts, although things are changing rapidly for other currencies. Nevertheless, it is always worthwhile to look at the appeal of different crypto assets on the market today. Statistics are provided by CoinMarketBook.
Bitcoin (BTC) Remains At 100%
Not too many people will be surprised to see Bitcoin still has more than sufficient buy support. More specifically, this pertains to buy orders within 10% of the current market price. At $174.3 million in stacked orders – for now – there may not necessarily be much bearish pressure to contend with in the coming hours and days. However, these markets remain unpredictable, and anything can happen. In the bigger picture, $174.3 million isn’t much money for an asset with a $670 billion market cap.
Binance Coin (BNB) At Nearly 74%
A remarkable asset on this list in second place is Binance Coin. Most people would expect Ethereum to claim this spot, but that is not the case today. Binance Coin appears to benefit from high investor and speculator expectations, even though its price has not sustained itself above $400 for very long in recent days. At $128.4 million in buy support, BNB has seemingly found a price floor, but that may only be temporary.
Ethereum (ETH) At 61.5%
Another currency noting a healthy dose of buy support today is Ethereum. That is not surprising, as Ethereum’s price has performed relatively well despite the bearish market pressure. Moreover, its market cap is close to 50% of Bitcoin’s, which is worth keeping an eye on. Although $107.2 million may not seem like much, it should be sufficient to keep the current price level – with a 10% deviation – in play.
Binance USD (BUSD) At 37.13%
Seeing such outspoken buy support for a stablecoin is rather peculiar. As these currencies cannot deviate from their native price point of $1, there is no real purpose in stacking buy support. However, stablecoins can show temporary fluctuations, creating a “free money opportunity” for quick traders. As there is $64.65 million in buy support lined up, it seems safe to assume interest in BUSD is skyrocketing lately for some reason.
Cardano (ADA) at 34.90%
As one of the altcoins noting a significant increase in interest from traders, Cardano is heading in the right direction. Its buy support puts it well ahead of Litecoin and XRP, which may prove crucial in the days to come. Currently, Cardano has $60.769 million in buy support, which is more than respectable. The big question is whether this volume will come into play this week.
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