Tanya Abrosimova
Independent Analyst
- Major cryptocurrencies are growing strongly amid improved sentiments.
- Bitcoin is losing its market share.
The cryptocurrency market has a good start of the week - at last. The total value of all digital assets in circulation catapulted from $103B early on Monday to $123B, and the figure continues growing. While experts are in no hurry to claim that the market has hit bottom, the sentiments are improving towards the Christmas period.
Bitcoin is changing hands at $3,743, up over 6% on a day-to-day basis. The coin is moving within a robust bullish trend amid rising volatility with the next local hurdle noted at $3,800. BTC/USD has recovered to the highest level in two weeks, demonstrating the strongest weekly rally since the end of July. Bitcoin's market share has dropped to 53.5% as altcoins' gains are more substantial.
Ethereum, the third largest digital asset, recovered above $10.00 handle to trade at $105.00 at the time of writing. Ethereum's market capitalization increased to $10.8B amid skyrocketing trading volumes ($2.5B against $2.1B the day before). ETH/USD gained over 3% since the beginning of Wednesday and nearly 10% since this time on Tuesday.
Ripple's XRP is changing hands at $0.3770 demonstrating 9% growth in recent 24 hours and gaining 6% since the beginning of Wednesday. XRP/USD is trading within a strong short-term bullish trend in sync with other digital assets. A sustainable break above a series of significant resistance levels, including SMA100 and the upper line of Bollinger Band (4-hour chart) improved the technical picture for the coin. XRP is now the second largest digital asset with a market value of $15B.
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