Cryptocurrency Market Update: Bitcoin loses dominance as altcoins defy gravity
|- Bitcoin bulls set eyes on a critical resistance of $9,000.
- Ethereum and Ripple consolidate earlier gains amid strong bullish market.
The cryptocurrency market is controlled by bulls. Despite the retreat from the recent highs, Bitcoin and all major altcoins are well-positioned for an extended recovery on a wave of speculative buying, intensified by FOMO (fear of missing out) phenomenon. The cryptocurrency market capitalization increased to $241 billion, while an average daily trading volume nearly doubled from this time on Tuesday and reached $176 billion. Bitcoin's market dominance has retreated to 65.8%.
Bitcoin (BTC) price update
The largest cryptocurrency by market capitalization hit the intraday high at $8,900 during early Asian hours and retreated to $8,757 by press time. The coin has gained over 2.5% on a day-to-day basis stayed unchanged since the beginning of Tuesday. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. The short-term trend remains bullish, however, the downside correction is possible as the coin is deeply overbought.
BTC/USD 1-hour chart
Ethereum (ETH) price update
Ethereum’s price action took it above $171.00 to an intraday high of $171.67. The strong bullish move was caused by a general recovery in the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $165.34, which is 9% higher from this time on Tuesday. From the short-term perspective, the coin is moving within a bearish trend amid shrinking volatility.
ETH/USD 1-hour chart
Ripple's XRP price update
Ripple jumped to $0.2427 and retreated to $0.2360 by press time. The third-largest digital asset has been gaining ground after the resistance of $0.2100 gave way. XRRP/USD has gained 6.5% since this time on Tuesday, moving in sync with the market. The short-term trend is bullish.
The best-performing altcoin out of top-20
- Bitcoin SV +70% ($376.50)
- Dash +45% ($121.42)
- Ethereum Classic +28% ($7.57)
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