Cryptocurrency Market Update: Bitcoin loses dominance as altcoins defy gravity

The cryptocurrency market is controlled by bulls. Despite the retreat from the recent highs, Bitcoin and all major altcoins are well-positioned for an extended recovery on a wave of speculative buying, intensified by FOMO (fear of missing out) phenomenon. The cryptocurrency market capitalization increased to $241 billion, while an average daily trading volume nearly doubled from this time on Tuesday and reached $176 billion. Bitcoin's market dominance has retreated to 65.8%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization hit the intraday high at $8,900 during early Asian hours and retreated to $8,757 by press time. The coin has gained over 2.5% on a day-to-day basis stayed unchanged since the beginning of Tuesday. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. The short-term trend remains bullish, however, the downside correction is possible as the coin is deeply overbought.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum’s price action took it above $171.00 to an intraday high of $171.67. The strong bullish move was caused by a general recovery in the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $165.34, which is 9% higher from this time on Tuesday.  From the short-term perspective, the coin is moving within a bearish trend amid shrinking volatility.

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple jumped to $0.2427 and retreated to $0.2360 by press time. The third-largest digital asset has been gaining ground after the resistance of $0.2100 gave way. XRRP/USD has gained 6.5% since this time on Tuesday, moving in sync with the market. The short-term trend is bullish.

The best-performing altcoin out of top-20

• Bitcoin SV +70% ($376.50)
• Dash +45% ($121.42)
• Ethereum Classic +28% ($7.57)