Crypto Market Update: Bitcoin's recovery gains traction, still may be a dead-cat bouce
- All major coins have recovered from the Asian lows.
- Bitcoin has yet to confirm its safe-haven status.
The cryptocurrency market has switched into a recovery mode. Bitcoin and all major altcoins recovered early losses and extended the upside. BTC/USD managed to settle above the local resistance of $6.300. The total market capitalization increased to $177 billion from $173 billion this time on Sunday. The average daily trading volumes settled at $111, while Bitcoin's market share recovered to 65.5%
Top-3 coins price overview:
Bitcoin cleared the local resistance area of $6,300 and hit the intraday high at $6,429. The first digital coin has registered a 3.5% increase on a day-to-day basis and gained over 8% since the beginning of the day. From the short-term perspective, the next barrier is located on the approach to $6,500. The coin is moving within a short-term bullish trend amid expanding volatility.
Ethereum returned to the area above critical $130.00 after a major sell-off to $124.17 during early Asian hours. The intraday high is registered at $135.12, while at the time of writing, ETH/USD is changing hands at $133.50. The second-largest coin has gained 3% on a day-to-day basis and over 7% since the beginning of the day.
Ripple's XRP recovered from the intraday low of $0.1625 to trade at $0.1730 by press time. The third-largest coin has increased by 6% since the beginning of Monday, though on a day-to-day basis it is still unchanged.
What's going on in the markets
The global financial markets remain under pressure, with European and Asian indices nursing minor losses amid a steady flow of negative coronavirus news. The number of new cases passed 700,000 with each day worse than the previous one.
Regulators and governments promise to do what it takes to support the economy, however, the upside momentum on markets of risk assets has tarted fading away already. The US economy may tae a major hit as “social distancing” measures would remain in place until at least April 30, while his top medical expert of the country suggested that the disease may claim 100,000-200,000 lives.
The cryptocurrency market recovery is uncorrelated to equities; however, Bitcoin's safe-haven status is unconfirmed.
Author
Tanya Abrosimova
Independent Analyst
