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Cryptocurrency market update: Bitcoin and major altcoins consolidate losses, bearish sentiments are dominant

  • The cryptocurrency market stays under pressure, vulnerable to losses.
  • Bitcoin recovered from intraday losses; positive momentum is fading away.
Cryptocurrency market update: Bitcoin and major altcoins consolidate losses, bearish sentiments are dominant
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

The cryptocurrency market is consolidating losses after a plunge during late US hours on Wednesday. The total capitalization of all digital coins in circulation plunged to $238 billion from #250 billion the day before; an average daily trading volume settled at $75 billion, according to the statistics provided by CoinMarketCap. 

Top-3 coins price overview

Bitcoin is changing hands at $7,646, losing over 3.5% since this time on Wednesday.  The first digital coin dipped to $7,535 during early Asian hours but managed to recover as new buyers popped in. 
Ethereum, the second largest digital asset with the current market capitalization of $25.8 billion, is trading at $242. ETH/USD has lost over 5% of its value in recent 24 hours. The price came close to $240.00 barrier and recovered to $242.90 by the time of writing.
Ripple's XRP tested waters below $0.3700 but settled at 40.3722 by press time. The coin is down 6% on a day-on-day basis and mostly unchanged since the beginning of Thursday.

The biggest market-movers

NEM and Cosmos are the biggest losers of the day. Both coins are nursing day-on-day losses of over 11% amid growing bearish pressure.
Bitcoin SV (BSV) is down 10%. The coin has corrected after a strong rally on Wednesday triggered by the news that Craig Wright obtained a copyright for Bitcoin's white paper. BSV is changing hands at $101.67.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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