The cryptocurrency market update: Bitcoin struggles to stay above $9,000
|- Bitcoin (BTC) stays above SMA200 daily amid short-term downside correction.
- Altcoins are a mixed picture during early Asian hours.
The cryptocurrency market is a mixed picture during early Asian hours. Bitcoin is nursing small losses, while some major altcoins out of top-20 attempt growth from 1% to 8%. The total cryptocurrency market capitalization settled at $244 billion from $245 billion the day before; an average daily trading volume is registered at $85 billion down from $88 this time on Wednesday; Bitcoin's market share is 67.4%.
Top-3 coins price overview
BTC/USD bottomed at $8,995 on October 30, but managed to recover above $9,000 handle. At the time of writing, the first digital coin is changing hands at $9,091, down less than 1% both on a day-to-day basis and since the beginning of the day. SMA200 (Simple Moving Average) daily located on approach to $9,000 cremates a strong support for BTC. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $8,700 (SMA50).
Ethereum, the second-largest digital asset with the current market capitalization of $19.7 billion, has lost 1.5% on a day-to-day basis. At the time of writing, ETH/USD is changing hands at $181.65, off the recent high of $183.10 touched during early Asian hours. Looking technically, ETH/USD managed to recover above $180.00 after a short-lived sell-off on Thursday. This development bodes well for ETH bulls in the long run.
Ripple’s XRP is moving towards the next critical support at $0.2900. The third digital coin with the current market value of $12.9 has lost about 1% of its value on a day-to-day basis and stayed unchanged since the beginning of Friday. At the time of writing, XRP/USD is trading at $0.2915.
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