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Cryptocurrency market update: BTC and major altcoins switch into recovery mode

  • The cryptocurrency market has recovered strongly, Bitcoin leads the pack.
  • The upside may gain traction towards the next resistance levels.
Cryptocurrency market update: BTC and major altcoins switch into recovery mode
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst


The cryptocurrency market has extended the recovery from the recent sell-off as Bitcoin and many major altcoins moved above the critical resistance levels and registered strong daily gains ranging from 1% 10 11%. However, despite overall positive sentiments, some coins moved to the North, influenced by local factors.

The total capitalization of all digital assets in circulation increased to $353 billion from $327 billion on Monday, while an average daily trading volume grew to $79 billion from $61 billion this time yesterday. Bitcoin's market share jumped to  64.0%, which is a new high since April 2017.

Top-4 coins price overview

Bitcoin (BTC/USD) has recovered above $12,000 amid strong bullish momentum. The first most popular asset has gained over 11% in recent 24 hours at settled at $12,700. The next strong resistance comes at $13,000. However, we might need some period of consolidation before another bullish wave.

Ethereum, the second largest digital asset with the current market capitalization of $33.8 billion, has gained nearly 4% on a day-on-day basis, though the upside momentum is limited by $318-320 area. ETH/USD is mostly unchanged since the beginning of the day, moving in sync with the market.

Ripple's XRP has gained 2.4% since this time on Monday to trade at $0.4055 by the time of writing. The third largest digital asset with the current market capitalization of $17.1 billion managed to break above $0.4000, but the upside momentum is losing traction and there is no follow through.  The further recovery is limited by the recent high at $0.4088.

Litecoin (LTC/USD) is losing ground on Tuesday, though it is still 3.4% higher on a day-on-day basis. The fourth largest coin with the current market capitalization of $7.7 billion hit $125.00 on Monday, but the upside momentum faded away. At the time of writing, LTC/USD is changing hands at $123.25.

Chainlink (LINK) and UNUS SED LEO (LEO) are the worst performing cryptocurrencies out of top-20. They are down 5.6% and 6% respectively.
 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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