The cryptocurrency market update: Bitcoin locked in a range, altcoins attempt a recovery
|- Bitcoin (BTC) is glued t0 $7,450 during early Friday hours.
- Altcoins are green, gaining from 1% to 16% on a day-to-day basis.
The cryptocurrency market attempts a recovery, however, Bitcoin and all major altcoins are still well below the levels registered at the beginning of the week. At the time of writing, the total cryptocurrency market capitalization settled at $205 billion, down from $202 billion the day before; an average daily trading volume dropped to $57 billion from $81 this time on Wednesday; Bitcoin's market share dropped to 65.6%.
Top-3 coins price overview
BTC/USD has been range-bound during early Asian hours. The first digital coin is confined to a narrow range limited by $7,424 on the downside and $7,466 on the upside. Meanwhile, we will need to see a sustainable move above at least $8,000 for the upside to gain traction. The nearest support now comes at $7,400. Once it is out if the way the sell-off may continue towards $7,000.
Ethereum, the second-largest digital asset with the current market capitalization of $17.6 billion, has stayed mostly unchanged both on a day-to-day basis and since the beginning of Friday. At the time of writing, ETH/USD is changing hands at $162.11, off the intraday low of $160.78. Looking technically, ETH/USD needs to recovered above $163.00 ( the upper line of fone-hour Bollinger Band) to mitigate an initial bearish pressure.
Ripple’s XRP is one of the best-performing altcoins. XRP/USD has gained 2.6% to trade at $0.2780 by press time. While the upside momentum has faded away on approach to $0.2800, the short-term picture remains bullish as long as the price stays above $0.2700 support.
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