Cryptocurrency market update: Bitcoin bulls take revenge

The cryptocurrency market stopped falling and switched from bloody red to deep green color as Bitcoin and all major altcoins are demonstrating significant gains ranging from 1% to 12%. The total capitalization of all digital assets in circulation dropped to $324 billion from $303 billion on Tuesday, while an average daily trading volume jumped to $98 billion from $86 billion this time on Tuesday. Bitcoin regained its market value, which is now 62.1%.

Top-4 coins price overview

Bitcoin (BTC/USD) settled above $11,000 handle and hit $11,447 during early Asian hours on Wednesday. The first digital asset is the best performing coin out of top-20, with over 12% of day-on-day gains. A sustainable recover above critical $11,000 give hope to Bitcoin bulls and create an environment for further recovery.

Ethereum, the second largest digital asset with the current market capitalization of $31.7 billion, has gained over 5% of its value on a day-on-day basis. However, critical $300 remains unconquered as of yet; ETH/USD is changing hands at $298 at the time of writing. ETH/USD is driven by the improved sentiments on the cryptocurrency market, which means that the recovery may gain traction the nearest future.

Ripple's XRP has settled above to $0.40 handle. The third largest digital asset with the current market capitalization of $17.2 billion has grown by 2% on a day-on-day basis and 1.5% since the beginning of the day. At the time of writing, XRP/USD is changing hands at $0.4030, having recovered from the intraday lows of $0.3986.

Litecoin (LTC/USD) is knocking at $121.0. The fourth largest coin with the current market capitalization of $7.6 billion has recovered from the Asian low of $118.76 and gained nearly 5% since this time on Tuesday. LTC/USD is moving in sync with the broader market.