Cryptocurrency Market Update: Bitcoin bulls hit the pause button, altcoins follow the lead

The cryptocurrency market is mostly in red amid technical correction.
Bitcoin regains its market share as altcoins are losing ground.

Tanya Abrosimova Independent Analyst

Cryptocurrency bulls need some rest after a sharp rally that took some coins to multi-months highs. Bitcoin and major altcoins have been under pressure on Thursday; however, the move can still be qualified as a natural correction from overbought levels. The cryptocurrency market capitalization decreased to $239 billion, while an average daily trading volume reduced to $130 billion from $176 billion this time on Wednesday. Bitcoin's market dominance is jumped to to 66.5%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization retreated from the recent high of $8,900 on Wednesday and retreated to $8,737 by press time. The coin has stayed mostly unchanged on a day-to-day basis and since the beginning of the day. Despite the retreat, BTC/USD is still trading above critical $8,500, which means that the upside momentum may be resumed after a short pause. The short-term trend remains bullish, however, the volatility is low

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum hit $171.67 on Wednesday only to drop back to $163.00 by the time of writing. The strong downside move was caused by technical correction on the market. ETH/USD has lost about 2% since the beginning of the day. From the short-term perspective, the coin is moving within a bullish trend amid low volatility.

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple retreated to $0.2270 after a short-lived move above $0.2400. The third-largest digital asset has been losing ground after the support of $0.2300 gave way. XRRP/USD has lost over 3% since the beginning of Thursday, moving in sync with the market. The short-term trend is bullish.

XRP/USD 1-hour chart

The worst-performing altcoin out of top-20

Bitcoin SV -11% ($326.50)
Cosmos -6.6% ($4.39)
Tron -5.8% ($0.0166)

Author

Tanya Abrosimova

Independent Analyst

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Cryptocurrency Market Update: Bitcoin bulls hit the pause button, altcoins follow the lead