• Bitcoin and other altcoins are range-bound with a bearish bias.
  • The first digital asset cannot clear critical resistance.
  • The market sentiments are dictated by COVID-19 situation.

The cryptocurrency market has calmed down on Wednesday as Bitcoin and all major altcoins stayed in the ranges after a volatile start of the week. While the upside momentum has faded away, many coins settled above critical support levels broken during the recent recovery. The total market capitalization hit $185 billion, while an average daily trading volume on the cryptocurrency market settled at $141 billion. Bitcoin's market dominance is registered at 65.4%.

Top-3 coins overview

BTC/USD hit the recent high at $6,983 and retreated to $6,700 by press time. The coin settled above a strong barrier of $6,000; however, a move below $6,500 will postpone another attempt at $7,000. This resistance area is reinforced by SMA100 weekly at $7,150. BTC/USD has lost nearly 2% in recent 24 hours after 12% growth on Tuesday. 

ETH/USD is hovering around $136.50 after a failed attempt to settle above $142.00. The second-largest digital asset is following Bitcoin's lead and may proceed to $150.00 if Bitcoin takes out $7,000 and the market sentiments are improved. ETH/USD has lost 2% in recent 24 hours and over 3% since the start of Tuesday.

XRP/USD hit the intraday high at $0.1659 only to return below $0.1600 by the time of writing. XRP stayed unchanged on a day-to-day basis and lost 3% since the beginning of the day. The initial support is created by $0.1500. 

What's going on on the market

The market is preoccupied with the economic and financial risks triggered by COVID-19. As more countries announce full or partial lockdown, the fears a growing that the global economy may grind to a halt. While many cryptocurrency enthusiasts believe that this crisis will become a moment of glory for Bitcoin, the current situation is full of uncertainty that may work against digital assets in the short run.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls finally cross $7,000. Is $8,000 achievable?

BTC/USD bulls took charge this Monday and were finally able to break past the critical $7,000 psychological level. The price has gone up from $6,775.54 to $7,292.40 so far. The bulls have previously repeatedly tried and failed to break ...

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH pushes to higher levels after breaking 150.0

Ethererum has moved in a classic Elliott Pattern in the first part of the move marked in black. Now it is time for the price to accelerate higher as this move could be the potential wave 3 which is normally the longest. 

More Ethereum News

Monero Price Analysis: Monero stalls just before the psychological 60.00 level

Monero has been bullish inline with the rest of the crypto world on Monday. The price has recently just stalled ahead of the psychological 60.00 level. The market is making consecutive higher highs and ...

More Monero News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP