The cryptocurrency market at the crossroads amid growing indecision
|- Bitcoin (BTC) has settled settle at $8,300 as the upside momentum is losing traction.
- Altcoins are range-bound with bearish bias during early Monday hours.
The cryptocurrency market has been range-bound since the weekend as traders and investors cannot decide what to do next. Bitcoin spiked above SMA200 (Simple Moving Average) daily on October 11, but failed to hold the ground. However, the downside momentum is also limited at this stage. This situation makes the market vulnerable to large swings, once the price of the first digital coin breaks free from the range.
The market capitalization of all digital assets in circulation settled at $225, while an average daily trading volume slipped to $49. Bitcoin’s market settled at 66.5%
Top-3 coins price overview
BTC/USD is trading close to $8,300 handle unchanged in recent 24 hours. A sustainable move above $8,700 might improve the short-term technical picture and open up the way towards $9,000.
Ethereum, the second-largest digital asset with the current market capitalization of $19.8 billion, retreated from the recent highs above $197.00 and slipped below critical $190.00. The coin is hovering at $183.50 at the time of writing, mostly unchanged both on a day-on-day basis and since the beginning of Monday.
Ripple’s XRP reached an intraday high at $0.2935; however, the upside momentum seems to be fading away. At the time of writing, XRP/USD is changing hands at $0.2900, vulnerable to further downside correction after a strong growth during early Asian hours.
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