Cryptocurrency market overview: Ripple skyrockets, Bitcoin plays catchup
|- Major coins are in green during early Asian hours.
- Bitcoin is ripe for the upside recovery.
Bitcoin and major altcoins recovered from an oversold territory on Wednesday and continued moving upwards during early Asian hours on Thursday. The total capitalization of all digital assets in circulation increased to $116.2B from $113B the day before.
BTC/USD snapped the 5-day streak of continuous losses and finished Wednesday in a green zone. Bitcoin’s gains were less impressive when compared to some altcoins, though the coin managed to move away from the critical support level. The recovery does not look convincing as long as the price stays under $3,500 handle.
Meanwhile, experts note that the technical picture implies more upside as Bitcoin is moving away from oversold territory.
“The price of bitcoin has been trading mostly sideways during the past three days, and the fact that it failed to break above the 50-day moving average shows that the bulls have no momentum behind them,” Naeem, Aslam, chief market analyst at Think Markets U.K commented.
“Having said this, things could change in the coming days because of the Relative Strength Index (RSI) has dipped into oversold zone. A reading near 30 shows that the price is oversold and it generally brings new buyers in the market and reading near 70 sends the message that it is overbought,” he added.
Ripple’s XRP is the growth leader of the day. The coin gained over 13% in recent 24 hours amid the news about SWIFT integration with R3. XRP/USD is changing hands $0.3320 amid expanding volatility. The coin is overbought on the intraday level, which means that a downside correction is possible during the day.
Ethereum sits at $110.63, having gained 3.8% on a day-over-day basis. The coin is moving in sync the rest of the market; however, a sustainable movement above $110.00 handle creates a favorable technical setup.
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