Cryptocurrency market update: bulls are trying to regain control
|- The cryptocurrency market tries to recover from the weekend losses.
- Bitcoin, Ethereum are still deep in red on a day-on-day basis.
The cryptocurrency market continues its rueful trip to the South with Bitcoin and all major altcoins deep in the red. The total capitalization of all digital assets in circulation dropped to $320 billion, having reversed the earlier gains. An average daily trading volume has settled at $90 billion, while Bitcoin dominance dropped to 61.3% from 63% in the previous week.
Top-4 coins price overview
Bitcoin (BTC/USD) attempts a recovery during early Asian hours on Monday, as the bulls managed to take the price from the intraday low of $10,610 towards critical resistance of $11,000. A sustainable move above this handle is needed to ensure the further recovery towards $11,500 (SMA50 4-hour (Simple Moving Average) coupled with the middle line of 4-hour Bollinger Band). BTC is down nearly 9% in recent 24 hours, while its market cap is registered at $169 billion.
Ethereum, the second largest digital asset with the current market capitalization of $31.70 billion, has experienced an aggressive sell-off and lost over 7% on a day-on-day basis. The price has recovered from the intraday low of $286; however, it is still below critical resistance of $300, which means that bears are still behind the driving wheel.
Ripple's XRP staged a good recovery from the intraday lows and became one of the best performing coins on Monday. The third largest digital asset with the current market capitalization of $17.7 billion has gained over 5% since the beginning of the day, though it is still down 2% on a day-on-day basis. At the time of writing, XRP/USD is changing hands at $0.4118.
Litecoin (LTC/USD) has recovered from the Asian low of $120.89 to trade at $124.30 by press time. The fourth largest coin with the current market capitalization of $7.7 billion has gained over 2% since the beginning of Monday and lost 5% in recent 24 hours. A sustainable move above $130.00 is needed to improve the technical picture.
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