Crypto market overview: Bitcoin (BTC) bulls lose initiative; altcoins drive the market higher

Cryptocurrency market is dominated by altcoins. Most major coins are in a green zone with Bitcoin SV and Etherum Classic among the growth leaders. The cryptocurrency market capitalization marginally increased to $238 billion, while an average daily trading volume reduced to $94 billion. Bitcoin's market dominance settled at 65.8%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization has been hovering around $8,600 area since Monday as the market cannot decide where to go next. The coin has been locked in a tight range limited by SMA100 1-hour at $8,700 and the lower line of 1-hour Bollinger Band on approach to $8,600.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum hit the low of $161.11 on January 20 only to recover back to $168.04 by the time of writing. The upside move was in line with general market sentiments. ETH/USD has gained about 1%  since the beginning of the day.  From the short-term perspective, the coin is moving within a bullish trend amid shrinking volatility. The nearest support is created at $165.00 by a combination of SMA50 1-hour and the lower line of 1-hour Bollinger Band

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple retreated to $0.2385 after an attempt to settle above $0.2400 during early Asian hours. XRRP/USD has lost over 2.5% since the beginning of Tuesday, moving in sync with the market. The short-term trend is bullish.

XRP/USD 1-hour chart

The best-performing altcoin out of top-20

• Bitcoin SV +11.5% ($315)
• Dash +8% ($112.24)
• Ethereum Classic +6.5 ($8.94)