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Crypto Markets Trade Sideways, Gold Tries to Find Direction Ahead of Trump Address

Most of the top ten coins are in the red, with losses over the 24 hour period at or below three percent

Tuesday, Feb. 5 —  cryptocurrency markets are trading sideways and reporting mild losses. Bitcoin (BTC) is struggling to stay in the green, while other major coins are experiencing a downward trend.

Market visualization from Coin360Market visualization from Coin360

The leading digital currency BTC is trading at around $3,468 at press time, having gained a modest 0.16 percent on the day. On its weekly chart, BTC is up0.56 percent, with its lowest price point around $3,400 on Jan. 29, and the highest at $3,521 on Feb. 2.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Top altcoin Ripple (XRP) has lost about 0.59 percent during the last 24 hours, and is trading at $0.299 at press time. In terms of its weekly performance, the altcoin began to see a slight decline after reaching its 7-day high price point of around $0.332 on Jan 30.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

The third largest coin by market capitalization, Ethereum (ETH) is up a slight 1.7 percent on its weekly chart, while the coin’s monthly performance down by over 28.53 percent. At press time, the altcoin is trading at $107.65, down around 0.30 percent over the past 24 hours. ETH’s market cap is around $11.2 billion at press time.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

EOS is seeing less than 1 percent losses over the day as well, trading around $2.40 at press time. The fourth largest cryptocurrency has registered gains of around 4.73 percent during the past week, while on its monthly chart EOS has shown a 12 percent loss.

Today, EOS.io, the company behind the cryptocurrency EOS, handed over bug bounties for five critical vulnerabilities this year. Five of those bounties are equivalent to $10,000 each, which is the highest possible payout reserved by the company only for the most critical vulnerabilities.

EOS 7-day price chart. Source: CoinMarketCap

EOS 7-day price chart. Source: CoinMarketCap

According to CoinMarketCap, the main gainer over the day is Binance Coin (BNB), which is up by around 9.41 percent and is trading at around $7.78 to press time.

The market capitalization of all 2,078 cryptocurrencies on CoinMarketCap is around $113.7 billion at press time, while the trading volume is around $16.3 billion.

Yesterday, Cointelegraph reported that since the beginning of 2019, digital currency exchanges have reportedly registered lower trading volumes, marking new lows that have not been recorded since 2017.

Gold prices struggled to find direction today, as uncertainties around the United States-China trade war continue ahead of today’s State of the Union Address by President Donald Trump. According to MarketWatch, investors are also looking to the dollar and Treasury yields for cues.

Gold/U.S. dollar (USD) spot is down 0.0015 to close at $1,314.93, while gold futures for April fell by $0.10 cents to $1,319.20.

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