Tanya Abrosimova
Independent Analyst
- All major coins have gained ground in recent 24 hours.
- The momentum is fading away on the short-term timeframes.
The cryptocurrency market climbed back into the red zone with the Bitcoin and all major altcoins growing strongly after a weak start. The total capitalization of all digital assets in circulation has climbed to $176 billion from $169 billion this time on Tuesday. The average daily trading volumes climbed to $47 billion from $44 billion the day before.
Top-3 coins price overview:
- Bitcoin blasted above $5,200 resistance to trade at $5,327 by the time of writing. The first digital coin has gained over 2% in recent 24 hours and 1% since the beginning of Wednesday. BTC/USD is moving within a strongly bullish short-term trend driven by high volatility.
- Ethereum staged an impressive recovery towards $167.00 handle during early Asian hours only to slip back to $165.20 by the time of writing. While the second largest virtual coin is moving within a short-term bearish trend, it is still nearly 4% higher on a day-on-day basis.
- Ripple's XRP jumped above $0.31 and settled at $0.3130, with 5% gains since this time on Tuesday. The third largest coin has been trading with bearish bias during early Asian hours following a strong upside momentum late on Tuesday.
The biggest market-movers:
- Bitcoin Cash (BCH) is an uncontested growth leader of the day with over 13% of gains on a day-on-day basis. The fourth largest coin is hovering around $274 handle at the time of writing.
- Tezos (XTZ) takes the second place with 7% of gains. XTZ/USD is changing hands at $1.23, extending the recovery from April 26 low registered at $1.03.
- Ontology (ONT) is another strong performer. The 20th largest coin has gained nearly 6% in recent 24 hours to trade at $1.13 at the time of writing.
The cryptocurrency market recovery is taking place amid global stocks sell-off. This development confirms the safe-haven feature of the digital assets.
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