The cryptocurrency market retains positive bias as the upside momentum slows down
|- Bitcoin makes attempts to settle above $8,600.
- Altcoins are still mostly bullish, though the growth momentum has been slowing down recently.
The cryptocurrency market has recovered strongly following Bitcoin’s growth above critical resistance. While the strong upside momentum of the previous session slowed down, the market retains positive bias as Bitcoin and major altcoins stay in green territory.
The market capitalization of all digital assets in circulation increased to $231 billion from $221 billion on Wednesday, while an average daily trading volume grew to $69 billion from $53 billion the day before. Bitcoin’s market edged up to 66.9%
Top-3 coins price overview
BTC/USD is hovering around $8,600 with over 4% of gains on a day-on-day basis . A sustainable move above barriers at $8,300 and $8,500 has improved the technical picture and opened out the way to the next bull’s target at $9,000.
Ethereum, the second-largest digital asset with the current market capitalization of $20.7 billion, is among the biggest winners of the day. The coin gained 5% on a day-on-day basis and settled above $190.00. Now a move towards $200.00 it is a matter of time. SMA50 (Simple Moving Average) daily at $184.00 has turned from a strong resistance into a hard support.
Ripple’s XRP stopped short of the critical resistance created by a long-term tend line at $0.2810. We will need to see a sustainable move above this handle for the upside to gain traction. Unable to push through this barrier, XRO/USD retreated below $0.2800. The coin has lost nearly 2% since the beginning go the day.
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