Cryptocurrency market update: Bitcoin settles above $8,000, altcoins follow the lead


  • Bitcoin has gained over 2% of its value and broke above $8,000, the next barrier is seen at $8,200
  • Litecoin is the worst performing cryptocurrency of the day, down 3%.

 
The cryptocurrency market has switched back into a bullish mode with Bitcoin and all major altcoins except for Litecoin showing substantial gains. The cryptocurrency market capitalization increased to $260 billion from $253 billion on Wednesday; an average daily trading volume crept to $65 billion amid growing trading activity.

Top-3 coins  price overview

  • BTC/USD settled above $8,000 after a strong upside move on Wednesday. At the time of writing, BTC/USD is changing hands at $8,118, off the intraday high of $8,196. The coin is vulnerable to correction due to a host of selling orders located on the approach to the critical $8,200.
  • Ethereum, the second largest digital asset with the current market capitalization of $27.5 billion, recovered to $260 handle after a drop below $230 on Monday. The coin has grown by 4.5% in recent 24 hours and moved into positive territory on a weekly basis.
  • Ripple's XRP is hovering below $0.40, as the bullish momentum cannot gain traction. The third largest coin with the current market capitalization of $17.1 has gained 2.3$ from this time on Wednesday to trade at $0.4052 by press time.

The biggest market-movers

  • Litecoin (LTC) has turned from the growth leader to an outsider. The 12th largest coin with the current market capitalization of $8.3 billion has lost over 3% in recent 24 hours to trade at $135.60 by press time.
  • Cardano (ADA) is a strong performer today. The coin is changing hands at $0.0946, with over 7% of gains.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin (BTC) in tactical retreat before another attempt to break above SMA200 daily

Bitcoin (BTC) bulls engineers a nice recovery off the recent lows; however, SMA200 (Simple Moving Average) on a daily chart remains unconquered so far. The price of the first digital currency made a weak attempt to move above this hurdle, but it seems to be a hard nut to crack for the bulls at this stage.

More Bitcoin News

Litecoin (LTC) price analysis: LTC/USD slides back inside an old range

Litecoin is changing hands at $56.63, down 2% since the beginning of the day and 1.5% on a day-on-day basis. The 6th largest digital asset with the current market value of $3.3 billion peaked at $60.12 on October 9 and has been moving down ever since. 

More Litecoin News

TRON price analysis: TRX/USD moves within a long-term bearish trend

At the time of writing, TRX/USD is changing hands at $0.0160. The coin has gained over 15% in seven 24 days, however, the upside momentum started fading away after the price had hit $0.0175 high. 

More Tron News

Ripple price analysis: XRP/USD races downwards fast

Many analysts believe that the recent breakout across the cryptocurrency market was more or less a bull trap. Their notion is currently being proved right as Ripple price forced its way against key support areas including $0.2750 and the 61.8% Fib retracement level.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP