Cryptocurrency market update: Bitcoin (BTC) bulls lick wounds after Tuesday's carnage

Cryptos | Aug 07, 03:49 GMT

Bitcoin and major altcoins are range-bound during Asian hours.
Most top coins are nursing losses on a day-on-day basis.

The cryptocurrency market failed to keep with the upside momentum. Bitcoin (BTC) and all significant altcoins are in a red zone, losing from 1% to 6% on a day-on-day basis. The total capitalization of all digital assets in circulation settled $304 billion. An average daily trading volume is registered at $67 billion, while Bitcoin's market share hit the new high at 68.2%.

Top-4 coins price overview

Bitcoin hit $12,325 on Tuesday before collapsing to $11,200. While the first digital coin has recovered towards $11,560 by the time of writing, it is still down 1.6% on a day-on-day basis. BTC/USD has been range-bound during early Asian hours after wild gyrations of the previous day.

Ethereum, the second-largest digital asset with the current market capitalization of $24.3 billion, has lost 1.1% on a day-on-day basis and stayed unchanged since the beginning of Wednesday. ETH/USD recovered from an intraday low of $224.17 and settled at $226.00 by the time of writing.

Ripple's XRP has lost nearly 2% of its value since this time on Tuesday to trade at $0.3126 by press time. Meanwhile, the third-largest coin with the market value of $13.4 billion is still moving inside the range with the channel support at $0.3100.

Litecoin has lost 2.6% in recent 24 hours to trade at $92.80. The coin now takes fifth place in the global cryptocurrency market rating with the current value of $5.8 billion. LTC/USD has been very volatile in recent days.

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