Crypto market update: Bitcoin and major altcoins struggle to recover from the recent sell-off

Bitcoin regains some ground to trade above $5,200.
The upside movement may be limited.

Tanya Abrosimova Independent Analyst

The Bitcoin and the vast majority of altcoins are attempting a recovery from a strong sell-off triggered by Tether and Bitfinex woes. The total capitalization of all digital assets in circulation sank to $171 billion from $177 billion this time on Thursday. The average daily trading volume settled at $53B.

Top-3 coins price overview:

Bitcoin (BTC) collapsed to as low as $5,060 during early Asian hours, however, the first digital coin managed to regain some ground to trade at $5,240 at the time of writing. The coin is down over 3% from this time on Thursday. The short-term trend is bullish as BTC is recovering from an oversold territory.
Ethereum (ETH) has returned to the area above $156.00 handle after an epic collapse below $150.00 handle, The second largest coin is down 5.3% from this time on Thursday. ETH is on recovery mode; however, the volatility is shrinking.
Ripple’s XRP has settled at $0.2956 after a sell-off towards $0.2852 during early Asian hours. The coin has lost 2.5% in recent 24 hours.

The biggest market-movers:

Tezos (XTZ) has lost nearly 17% of day-on-day basis extending the Thursday’s decline. Now it is the worst-performing cryptocurrency both on daily and weekly basis. XTZ/USD is changing hands at $1.06. The strong sell-off pushed it from the 15th place in the global cryptocurrency rating.
IOTA is another big loser. The coin is down over 12% on a day-on-day basis, changing hands at $0.2564 at the time of writing. It stays in the red zone even if the rest of the market showing signs of recovery from the recent sell-off.
Ontology (ONT) is trading at $1.04 with nearly 7% of losses. The coin takes the 20th place in the global cryptocurrency rating.

Author

Tanya Abrosimova

Independent Analyst

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