Crypto market overview: Bitcoin floats to the South; altcoins are in red too

  • 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.


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