Cryptocurrency market update: Bitcoin and major altcoins claw back some ground


  • The cryptocurrency market attempts a recovery within the recent ranges.
  • Bitcoin recovered from Thursday's losses, but $8,000 is still untouched.
  • NEM is the fastest growing coin out of top-20.

The cryptocurrency market is range-bound with a bullish bias. Bitcoin and all major altcoins are still locked in the recent ranges; however, the upside momentum might gain traction into the end of the week. The total capitalization of all digital coins in circulation surged to $245 billion from $238 billion this time on Thursday; an average daily trading volume settled at $74 billion, according to the statistics provided by CoinMarketCap.

Top-3 coins price overview

  • Bitcoin is changing hands at $7,867, gaining over 3% since this time on Thursday.  The first digital coin surged to $7,980 during early Asian hours, but failed to hold the ground and retreated under $7,800 amid speculative positioning. 
  • Ethereum, the second largest digital asset with the current market capitalization of $26 billion, is trading at $245. ETH/USD has barely changed in recent 24 hours. The price tested waters above $247.00 barrier, but the upside momentum proved to be unsustainable.
  • Ripple's XRP is hovering marginally below $0.3800, unchanged both on a day-on-day basis and since the beginning of Friday.  The coin is locked in a tight range amid declining volatility.

The biggest market-movers

  • NEM has been pretty volatile lately. The coin is recovering rapidly after a sharp sell-off on Thursday. NEM/USD has gained 8% in recent 24 hours and became the fastest growing coin out of top-20.
  • Tezos is another market leader. The coin's value has grown by 5.6% since this time on Thursday and settled at $1.63 by the time of writing.
     

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