Crypto Market Overview: Bitcoin vulnerable to further sell-off; altcoins stay green
|- All major coins have recovered from the recent losses.
- Bitcoin is range-bound with a short-term bearish bias.
Bitcoin stays unchanged on a day-to-day basis, while the vast majority of altcoins recovered strongly from the recent sell-off. The total market capitalization has improved to $285 billion. The average daily trading volumes climbed to $170 billion, while Bitcoin dominance decreased to 62.3%.
Top-3 coins price overview:
Bitcoin's short-term recovery is capped by $9,800 with an ultimate bullish target at $10,000-$10,1000. From the short-term perspective, the world's biggest digital coin is trapped under a sloping trendline; however, in the long-run, the trend remains bullish as long as the price stays above $9,300.
Ethereum staged an impressive recovery towards the intraday high of $271.80, however, the gains were not sustained and the coin retreated to $263.00 by press time. Despite the sell-off, the second-largest virtual coin has gained over 7% in recent 24 hours. On the intraday level, ETH/USD is moving within a bullish trend amid low volatility.
Ripple's XRP settled above $0.2800 after a recovery attempt to $0.2952. The third-largest coin has gained 3.5% on a day-to-day basis and has been trading with bearish bias amid low volatility.
Read also: Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30
The biggest market-movers:
Bitcoin SV (BSV) is the pest-performing altcoin out of to-20 (+16% on a day-to-day basis) Tezos also registered solid gains (+13% on a day-to-day basis) on the news that Bitfinex changed margin trading conditions for XTZ pairs.
The market is driven mostly by speculative sentiments. Most of the altcoins move in sync with BTC, however, they tend to be more volatile than the flagship digital coin/
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