fxs_header_sponsor_anchor

The cryptocurrency market  in retreat; Bitcoin and major altcoins nursing minor losses

  • Bitcoin hovers around $8,150 amid market indecision.
  • Altcoins are still mostly bearish with minor losses.

The cryptocurrency market continues oscillating without a clear direction after a strong recovery at the beginning of the week. Bitcoin and all most of the major altcoins are nursing minor losses within the recent ranges. The market capitalization of all digital assets in circulation decreased to $221 billion from $223 billion on Tuesday, while an average daily trading volume dropped to $53 billion from over $60 billion the day before. Bitcoin’s market dominance slipped to 66.4% 

Top-3 coins price overview 

BTC/USD has been hovering around the short-term pivot $8,150, mostly unchanged both on a day-on-day basis and since the beginning of Wednesday. As the recovery stalled at $8,300, BTC is now vulnerable to further losses. Meanwhile, the coin needs to stay above $8,000 to enhance the chance for another try at $8,300 and, possibly, $8,550.
 
Ethereum, the second-largest digital asset with the current market capitalization of $19.6 billion, is glued to $181.00. Notably, ETH/USD touched the intraday low at $179.22, but managed to recover swiftly above critical $180.00. A strong resistance area created by SMA50 daily at $183.60 seems to be a hard nut to crack for ETH bulls. 
  
Ripple’s XRP stopped its bullish run and retreated from Tuesday’s high of $0.2858 to trade at $0.2753 at the time of writing. XRP/USD has lost about 1% both on a day-on-day basis and since the beginning of the day, however, it is still 10% higher from this time seven days ago.  A resistance created by the long-term sloping trend line around Tuesday’s high might limit the further recovery for the time being. 

Read also: MasterCard, Visa and Stripe must reconsider involvement with Facebook’s Libra: Senators caution

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.