Cryptocurrency market update: Crypto market turns red after short-lived recovery


  • Bitcoin and major altcoins are range-bound with bearish bias during early Asian hours. 
  • Bitcoin fails to break above local resistance.

The cryptocurrency market has turned into red again the upside momentum of the previous day proved to be unsustainable. UNUS SED LEO (LEO) is the only altcoin in green out of top-20. The coin has gained 1.3% in recent 24 hours to trade at $1.31 at the time of writing. The coin takes the 14th place in the global cryptocurrency rating with the current market value of $1.3 billion.  

The total capitalization of all digital assets in circulation slipped to $286 billion. The total trading volume settled at $45 billion, while Bitcoin's market share has grown to 66.6%.

Top-4 coins price overview

Bitcoin (BTC/USD) has recovered from the intraday low of $10,564 to trade at $10,750 by the time of writing. The first digital asset has lost 1.2% of its value in the recent 24 hours. The price of the first digital coin attempted a move above $10,900 handle, but then the upside momentum failed to gain traction. The strong support awaits us on approach to $10,600 (SMA50 (Simple Moving Average) daily and 38.2% Fibo retracement monthly).

Ethereum, the second-largest digital asset with the current market capitalization of $23.4 billion, is down 1.9% on a day-on-day basis. ETH/USD has settled below $220.00, off the intraday high of $223.48. The resistance created on approach to $223.50 has stopped ETH recovery twice in recent two days. At the time of writing, ETH/USD is changing hands at $219.17

Ripple's XRP is still paralyzed insight the tight range of $0.3100-$0.3200. The third-largest coin with the current market capitalization of $13.4 billion, has drifted from the intraday high of $0.3170 to trade at $0.3140 at the time of writing. XRP/USD movements have been limited by the above-said range since the beginning of the week.

Litecoin has lost over 3% of its value in recent 24 hours. The coin now takes fifth place in the global cryptocurrency market rating with the current value of $5.7 billion. LTC/USD is changing hands at $91.80, off the intraday high registered at $94.81.

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