Tanya Abrosimova
Independent Analyst
- The cryptocurrency market stays under pressure, vulnerable to losses.
- Bitcoin recovered from intraday losses; positive momentum is fading away.
The cryptocurrency market is consolidating losses after a plunge during late US hours on Wednesday. The total capitalization of all digital coins in circulation plunged to $238 billion from #250 billion the day before; an average daily trading volume settled at $75 billion, according to the statistics provided by CoinMarketCap.
Top-3 coins price overview
Bitcoin is changing hands at $7,646, losing over 3.5% since this time on Wednesday. The first digital coin dipped to $7,535 during early Asian hours but managed to recover as new buyers popped in.
Ethereum, the second largest digital asset with the current market capitalization of $25.8 billion, is trading at $242. ETH/USD has lost over 5% of its value in recent 24 hours. The price came close to $240.00 barrier and recovered to $242.90 by the time of writing.
Ripple's XRP tested waters below $0.3700 but settled at 40.3722 by press time. The coin is down 6% on a day-on-day basis and mostly unchanged since the beginning of Thursday.
The biggest market-movers
NEM and Cosmos are the biggest losers of the day. Both coins are nursing day-on-day losses of over 11% amid growing bearish pressure.
Bitcoin SV (BSV) is down 10%. The coin has corrected after a strong rally on Wednesday triggered by the news that Craig Wright obtained a copyright for Bitcoin's white paper. BSV is changing hands at $101.67.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.