Cryptocurrency market update: Bitcoin rushes forward, altcoins fail to catch up


  • The cryptocurrency market is moving higher due to Bitcoin's growth.
  • All major altcoins are losing ground on Wednesday.

The optimism on the cryptocurrency market is growing, though Bitcoin (BTC) seems to be the only beneficiary as all major altcoins are nursing losses ranging from 1.4% (XRP) to 6% (Cosmos). UNUS SED LEO, a dark horse and a newcomer in top-20 is a notable exception here as the coin managed to gain over 3%  in recent 24 hours.

The total capitalization of all digital assets in circulation has increased to at $353 billion from $335 on Tuesday, while an average daily trading volume is registered at $83 billion. Bitcoin's market share jumped to  64.9% and refreshed multi-month high.

Top-4 coins price overview

Bitcoin has settled marginally below $13,000 handle. The first digital coin retraced from the intraday high of $13,156, though it retains an upside potential and may resume the upside ahead of the US opening. A sustainable move above $13,000 barrier will help to create strong bullish momentum and bring $14,000 back into focus. 

Ethereum, the second largest digital asset with the current market capitalization of $32.9 billion, has lost over 3% on a day-on-day basis but managed to stay above $300 barrier. ETH/USD is range-bound marginally below $310.

Ripple's XRP has lost 1.4% since this time on Tuesday to trade at $0.3946 by the time of writing. The third largest digital asset with the current market capitalization of $16.8 billion has been range-bound recently as the recovery is capped by $0.4000.

Litecoin (LTC/USD) slipped to fifth place in the global cryptocurrency rating. The coin with the current market value of $7.4 is down 2.5% in recent 24 hours is changing hands at $118.65 after a failed attempt to break above $120.00 handle during early Asian hours. 

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