Cryptocurrency Market Update: Crypto traders take coins from online exchanges

Bitcoin and all major altcoins staged a good recovery on Wednesday and Thursday. The total capitalization of all digital assets in circulation increased to $261 billion, while an average daily trading volume reached $175 billion. Bitcoin dominance stayed 67.5%

Meanwhile, according to the statistical data provided by Glassnode, cryptocurrency users continue moving their digital assets from the centralized exchanges to the wallets they control. This trad started after the Black Thursday in March and has been gaining traction ever since. 

Thus, after Bitcoin’s halving that happened on May 11, users transferred 23,540 BTC from online exchanges. In two months since March 12 they withdrew nearly 300,000 coins.

Top-3 cryptocurrencies price updates

Bitcoin (BTC) has extended the recovery and hit the intraday high at $9,944. The first digital coin stopped within a whisker of $10,000 and retreated to $9,600 by press time. NTC has gained over 6% of gains since this time on Wednesday. A sustainable move above psychological $9,500 improved the technical picture and opened up the way towards $10,000. The volatility remains high. 

Ethereum is trading at $201.50 after a short-lived move above $206.00. The second-largest digital asset gained over 4% on a day-to-day basis moving in sync with the market, but the upside momentum has faded away and pushed the price back inside the range. The former psychological resistance $200.00 has turned into support.

XRP/USD managed to break above $0.2000; however, the lack of follow-throw bodes ill for XRP bulls. The third-largest coin is vulnerable to further losses unless the upside momentum gains traction. The next resistance is created by $0.2030 (38.2% Fibo retracement for the downside move from February 2020 high).