Cryptocurrency market update: Bitcoin and major altcoins attempt a comeback
- Recovery momentum extends on Saturday across the crypto space.
- Bitcoin Cash leads the rebound amongst the top five dominant cryptocurrencies.
Top 5 coins’ price overview
- Bitcoin’s (BTC/USD) recovery from two-week lows is seen fizzling out over the last hours, having faced rejection at the 38.2% Fibonacci Retracement (Fib) of the recent sell-off, placed near 8,880. The bears are now heading back towards the next support aligned at 8,800 (23.6% Fib level). The most widely traded cryptocurrency is down 3% over the last 24 hours, with it's market capitalization standing at $ 159.51 billion.
- Ethereum (ETH/USD), the second-largest digital asset with the current market capitalization of $20.09 billion, is struggling to extend its overnight recovery, as the bears continue to guard the 186 handle. The downside bias will resume if the price breaches 184.45, where the 50% Fib level of the latest decline and rising trendline support coincide. At the press time, ETC/USD exchanges hands around 185, little changed over the last 24 hours but up 0.65% so far this Saturday.
- Ripple (XRP/USD) retraces the latest leg up to now trade back below the 280 handle, as the recovery momentum seems to lack follow-through amid quiet Saturday trading. The recovery in the No. 3 coin could regain poise, only if it reclaims the downward sloping 50-hourly Simple Moving Average (HMA) at 282.91. Ripple is seen 1.5% higher on the day, enjoying a market capitalization of $12.10 billion.
- Bitcoin Cash (BCH/USD) extends the early bounce from eleven-day lows, but the further upside towards the 200-HMA at 289 still remains elusive. The No. 4 coin still trades well above the 280 handle, having taken out the 21-hourly Simple Moving Average (HMA). The price is down 1.30% in the last 24 hours while the market capitalization stands at $ 5.10 billion.
- Litecoin (LTC/USD): The fifth most widely traded cryptocurrency by market value is one of the lead gainers amongst the heavily traded five coins on Saturday. The bulls manage to sustain the recovery mode above the 61.8% Fib level of last week’s decline. The coin, currently, battles the 61.50 barrier on its way north, with a market capitalization of $ 3.91 billion, and up over 1% over the last 24 hours.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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