Crypto market overview: Stellar leads the recovery, Bitcoin lag behind

Friday has brought some respite to cryptocurrency market.
Stellar is the best performing coin out of top-10.

Tanya Abrosimova Independent Analyst

The digital assets market is desperate to claw back some losses incurred during this week. All major coins are in green, while Bitcoin is balancing above $6,500 after a dramatic drop to $6,121 on Wednesday. The No. 1 digital currency has gained over 2.8% on a daily basis, though it is mostly unchanged since the beginning of Friday.

Altcoins are moving in sync with Bitcoin, regaining some ground. Thus, Ethereum, the second largest coin with current market value $36.7B, has recovered 0.4% since this time yesterday to trade at $360 by the time of writing. A confluence of strong technical levels both above and below the current price leaves Ethereum little space for maneuver.

XRP, the third popular coin, jumped as high as $0.3575 on Thursday, but the upside proved to be unsustainable. Currently, XRP/USD is changing hands at $0.3364, down 0.5% on a daily basis.

Stellar is a star today. The coin has risen 8% on a daily basis due to the delayed market reaction to the news that Bitpanda now supports XLM. XLM/USD is currently changing hands at $0.2196

While some cryptocurrency related fundamental news has a potential to influence the price swings, speculations and technical factors remain the main driving force of the cryptocurrency market. FUD (stands for Fear, Uncertainty, Doubt) and FOMO (Fear of Missing out) are two catalysts that define where the price goes next.

Author

Tanya Abrosimova

Independent Analyst

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