Cryptocurrency market update: Recovery is in order - Bitcoin and Ethereum gasp for air

Bitcoin led the market in June first devastating selloff on Tuesday. The losses followed a successful month May where most cryptocurrencies hit new 2019 highs. The red painted market is finally getting a shed of green on Wednesday as buyers come out of their hibernation with the renewed strength to reverse the negative move experienced yesterday.

The market has a total capitalization of $250 billion at press time which is a slight increase from yesterday’s $247 billion. In the same period, the 24-hour trading volume has dived by $2 billion from $82 billion. Bitcoin’s dominance on the market has also taken a hit from 58.5% as discussed in yesterday’s market update to the current 55.6%.

Bitcoin market update

Bitcoin is back in the green after a day navigating the sea of red rough waters. With an increase of 1.77%, BTC/USD has recovered from a low around $7,670.58 to the current value of $7,801. In spite of the correction, the prevailing trend is still bearish for Bitcoin, which means that the largest asset is still within the grip of the sellers.

Ethereum market update

The $26 billion crypto is still in the red when looking at its performance in the 24-hours. However, the intraday charts show that the bulls are taking up the mantle pushing ETH 1.66% higher on the day. From a low of $240.19 today, Ethereum has recovered to trade at $245 at the time of going to press. The trading volume has slowed down as after the fall with a decrease from $10 billion to the current $9.4 billion.