Crypto Market Update for 24 February 2020: BTC, ETH, ADA, and TRX

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.

Bitcoin

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:

Ethereum

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%.

Cardano

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):

TRON

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 f ...

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