Bitcoin and major altcoins attempt a recovery, but will they succeed?
|- Bitcoin regained some ground, but it is still below $4,000
- Altcoins are in a green zone, but the recovery may be short-lived.
The cryptocurrency market stopped falling and attempted to form a short-term bottom around the current levels. However, Bitcoin and all major altcoins are still below the key levels, which means that the recovery may be short-lived, as always. The total value of all digital assets in circulation increased to $126B from $122B on Tuesday.
Bitcoin, the cryptocurrency No.1 both by market value and popularity, has gained over 3% in recent 24 hours to trade at $3,800 by the time of writing. The coin still stays below critical $4,000 despite improved sentiments. If the upside momentum gains traction during European morning, Bitcoin bulls' will get a chance to snatch control over the situation.
Ripple's XRP is hovering at $0.3652, up over 3.6% on a day-on-day basis. The second largest digital asset with market value $14.6B is recovering from Sunday lows at $0.3237, though the price is still below $0.40 handle, which mires the short-term technical picture.
Ethereum is trading 5% higher than this time on Tuesday and mostly unchanged since the beginning of Wednesday. The third largest coin with a market value of about $11B is changing hands at $111 at the time of writing, off the recent low of $100.87 touched on Tuesday. The short-term ETH trend is strongly bullish, though the market lacks momentum, while the volatility is low.
Bitcoin SV is the biggest market loser today. The coin has lost over 27% of its value since this time on Tuesday to trade at $84.20 at press time. Now it takes the 9th place in cryptocurrency rating provided by CoinMarketCap.
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