- Cryptocurrency market is trading with downside bias during early Asian hours on Wednesday.
- Bitcoin volatility index hit the lowest level since July 20.
Cryptocurrency market continues its rueful trip to the South on Wednesday as all top-20 coins except for Monero (XMR) and Binance Coin (BNB) are trading in red territory. The total capitalization of the digital assets slipped to $216B, while volatility for Bitcoin dropped to the lowest level since July 10.
Bitcoin is going for $6,472, down 1.15% since this time on Tuesday. The digital coin No. 1 got out from $6,500-$6,600 range that limited its movements since the beginning of the week.
ETH has lost over 3.3% of its value to trade at $219.33 by press-time. The second largest coin broke below the key support of $220 for the first time since September 29.
Ripple’s XRP is changing hands at $0.5172, off the Asian low registered at $0.5064. The coin has lost over 8% of its value on a day-on-day basis and became the worst-performing cryptocurrency out of top-20 coins.
Meanwhile, Naeem Aslam, chief market analyst at Think Markets U.K, notes that Bitcoin volatility has reduced significantly, which is confirmed by BTC futures volumes: only 1,514 contracts changed hands on CME exchange on Monday, which is the lowest level since September 20.
“We are struggling to break the resistance of $6,800 and $7,000. The support of $6,000 remains a major focal point,” he said.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.