Crypto market overview: Bitcoin stuck under $6,500, while Bitcoin Cash gains 21% in a single day

The global cryptocurrency market resumed the recovery process with all major coins trading in a green zone during early Asian hours. Another portion of XRP-related news helped to change the market sentiments and stop the profit taking. It seems that speculators are back opening long positions to capitalize on the short-term bullish trend.

Meanwhile, some experts warn the market participants against over-optimistic expectations, pointing out, that Bitcoin's recovery attempts are weakening over time. 

Jani Ziedins of CrackedMarket reminds us about the basics of technical analysis, which implies that assets remain bearish if prices fail to register higher highs.

“While we held $6k support firmly for nearly six months, every bounce has been getting lower. First, we bounced to $17k. Then it was $12k. $10k came next. After that $8.5k. Earlier this month it was $7.5k, and this weekend we stalled $6.8k. At this point, it is only a matter of time before we tumble under $6k support,” the expert explained.

Bitcoin stays below $6,500 handle despite positive momentum on the market. The first digital coin gained about 1.5%, day-on-day basis, lagging behind major altcoins. Thus, Ethereum, the second largest coin by market capitalization, grew 3.6%, changing hands at $218.28 at press time, while Ripple's cryptocurrency, XRP, climbed to $0.5326 by press time handle. The coin has gained nearly 7% in recent 24 hours, supported by the idea of mass institutional adoption.

However, the title of the market leader now belongs to Bitcoin Cash. The coin is trading at $531.30, gaining 21% since this time on Wednesday.