The cryptocurrency market update: bears run the show again
|- Bitcoin (BTC) has settled settle above $8,100 amid resumed bearish sentiments.
- Altcoins are range-bound with bearish bias during early Wednesday hours.
The cryptocurrency market is a mixed picture during early Asian hours; however, Bitcoin and all major altcoins consolidate losses incurred on Tuesday. The total market capitalization of digital assets in circulation has retreated towards $222 billion from $226 billion on Tuesday, according to CoinMarketCap data. An average daily trading volume stabilized at $52 billion, while Bitcoin’s market settled at 66.3%.
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Top-3 coins price overview
BTC/USD touched an intraday low at $8,089 during early Asian hours but managed to recover to $8,170 by the time of writing. The first digital asset has lost nearly 2% of its value in recent 24 hours and stayed unchanged since the beginning of the day. The initial resistance is created by $8,300 - this barrier has been limiting Bitcoin’s recovery since the beginning of the week.
Ethereum, the second-largest digital asset with the current market capitalization of $19.5 billion, is changing hands marginally above $180.00. ETH/USD has lost 2.7% of its value on a day-on-day basis amid global sell-off on the cryptocurrency market. The coin attempted a recovery above $181.00, but the upside momentum failed to gain traction.
Ripple’s XRP dropped back below $0.2900 handle to trade at $0.2880 by the time of writing. The coin has lost 2%, though the short-term trend is about to turn bullish again, provided that XRP/USD regains ground above $0.2900.
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