Crypto Market Overview: Bitcoin (BTC) locked in a range, altcoin under pressure
|- All major coins are rangebound with a bearish bias on Wednesday.
- Bitcoin retreats below $7,900 after a failed recovery attempt.
Bitcoin is range-bound with bearish bias; altcoins follow the lead of the first digital coin. The market has calmed down after a massive sell-off, however, it is not ready for recovery yet. The total market capitalization has settled at $223 billion. The average daily trading volumes climbed to $132 billion, while Bitcoin's market share is 64.2%.
Top-3 coins price overview:
Bitcoin slid below a $7,900 barrier on Wednesday. Unsuccessful attempt to settle above $8,000 discouraged short-term speculators, but long-term traders believe that the coin has bottomed out and may resume the recovery after a consolidation period. BTC/USD has lost 2.5% on a day-to-day basis and stayed unchanged since the beginning of the day.
Read also: Bitcoin long-term bulls stay positive even as BTC/USD fails to recover above $8,000
Ethereum (ETH) is down 2.7% since this time on Tuesday. The second-largest coin has been moving in sync with the market; however, the news that dApp developer tested COVID-19 positive might have created additional pressure on the coin. A confluence of strong technical levels clustered above the current price, including SMA50 1-hour, may prevent ETH/UD from a sustainable recovery.
Read also: Ethereum Price Analysis: ETH/USD faces numerous barriers above $200.00
Ripple's XRP slipped marginally below $0.2100 to trade at $0.2080 by press time. The third-largest coin has been trading with bearish bias during European hours amid shrinking volatility. XRP/USD has lost 1.5% in recent 24 hours
The biggest market-movers:
Chainlink (LINK) and NEO are the biggest losers of the day out of top-25. The coins shed over 4% of its value in recent 24 hours. UNUS SED LEO is the only large token in a green zone (+0.28%)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.