Crypto market recovery hope is killed once again; Bitcoin clinches to $3,700
|- Bitcoin resumes the downside after a failed attempt to settle above $4,000
- Altcoins are in red amid global cryptocurrency sell-off.
The cryptocurrency market was short-lived as nearly all major coins are back in the red territory, losing from 2% to 10%. The only exception is the newly born coin Bitcoin SV that gained 24% and catapulted from the bottom of CoinMarketCap's rating to the 7th place.
The total market value of all digital assets in circulation slipped to $122B from $129B on Monday. Despite the decrease, it is still above the recent low reached $115B.
Bitcoin, the largest cryptocurrency by market value, lost about 7% in recent 24 hours to trade at $3,697 by the time of writing. The coin failed to recover above critical $4,000 as the bearish sentiments prevailed. Low trading activity during quiet Asian hours suggests a period of consolidation ahead of European morning.
Ripple's XRP is hovering at $0.3560, down over 7% on a day-on-day basis. The second largest digital asset with market value $14.1B is rangebound, though a failed attempt to recover above $0.40 handle darkens the technical picture for the coin.
Ethereum is down nearly 7% on a day-to-day basis and 2% since the beginning of Tuesday. The third largest coin with a market value of about $10B is changing hands at $115 at the time of writing, off the recent low of $100.97 touched on Sunday.
Those who hoped for a buying opportunity, are likely to be disappointed as the market lacks positive momentum, while traders are wary of false recovery attempts. Moreover, some experts warn traders against trying to find a bottom.
“There is nothing normal nor positive about this type of price movement so beware of false prophets selling soothsayer storylines and never get anchored to a price. Just because BTC is trading below $5,000, $4,000 or $3,000 for that matter, doesn’t mean bitcoin is undervalued even more so when BTC offers up no central store of value,” Stephen Innes from Oanda explains.
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