Crypto market update: Bitcoin decouples from the market
|- Bitcoin retains gains amid downside correction of the altcoins.
- The upside movement may be resumed.
The cryptocurrency market has stalled after a strong growth on Tuesday. All major altcoins have reversed earlier gains, while Bitcoin managed to hold the ground. The total value of all digital assets in circulation is registered at $181 billion from $185 billion reached on Tuesday. The average daily trading volume stayed at $52B.
Top-3 coins price overview:
- Bitcoin (BTC) is changing hands at $5,550, which is 3% higher from this time on Wednesday. While the short-term trend is bullish, BTC is deeply overbought. It means that the downside correction is highly possible at this stage.
- Ethereum (ETH) crashed to $168.80 handle, after an epic growth to $177.67 on Tuesday. The second largest coin is down 1.6% from this time on Tuesday and nearly 5% from the recent high. ETH managed to recover from the intraday low of $166.93, moving within the short-term bullish trend.
- Ripple’s XRP is hovering around $0.3200, down 1.4% since this time on Tuesday. The coin has been locked in a tight range since the beginning of the day.
The biggest market-movers:
- Cardano (ADA) has turned from the market leader to an outsider with over 7% of day-on-day losses. The coin is changing hands at $0.0736. Now it takes the 10th place in the global cryptocurrency rating.
- Binance Coin is the second worst-performing cryptocurrency. The coin has lost nearly 7% of its value in recent 24 hours decpite the successful migration from Ethereum protocol to Binance Chain.
- IOTA is also a big loser. The coin is changing hands at $0.2922, down 6% from this time on Tuesday.
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