The cryptocurrency market attempts a recovery after Monday's carnage; bears still in control of the situation

  • Bitcoin is hovering above $9,700 after a sharp sell-off.
  • Altcoins are consolidating with a bearish bias.

The cryptocurrency market has switched into a bearish mode as Bitcoin and all major altcoins are losing ground. The total market capitalization of all digital assets in circulation increased to $258 billion; average daily trading volumes settled at $58 billion, while Bitcoin's market dominance edged higher to 68.3%.

What’s going on in the market

The Chinese central bank denied the speculations about the state-backed digital coin launch in November. While the regulator confirmed that the coin is in the making, no clear deadlines were provided. 

Read more: China’s central bank governor squashes speculations on the November launch for its digital currency

Top-3 coins  price overview

At the time of writing, BTC/USD is hovering above $9,700 amid bearish sentiments on the cryptocurency market. The first digital coin has lost over 2% of its value in recent 24 hours and stayed mostly unchanged since the beginning of the day.

Ethereum, the second-largest digital asset with the current market capitalization of $21.8 billion has been losing ground recently. The coin has lost nearly 4% in recent 24 hours to trade marginally above $200.00 by press time. ETH/USD has retreated from the intraday high of $202.70. At the time of writing, ETH is moving within a short-term bearish trend amid declining volatility. 

Ripple's XRP settled above $0.2700, having recovered from the intraday low of $0.2637. The third largest coin with the market value of $11.6 billion has lost 1.4% in recent 24 hours and gained 1% since the beginning of the day.

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Cash Price Analysis: BCH sits on top of strong support barrier

Bitcoin Cash rose from $240 and rose to $276 between October 21 and October 24. After that, the price dropped to ~$260, found support at the 100-day SMA and has gone up to $266.50, as of writing.

More BitcoinCash News

Tezos Price Prediction: XTZ facing potential bearish breakout towards $1.77

XTZ is currently trading at $2.08 right at the bottom of an ascending parallel channel formed on the daily chart. The digital asset is down 53% since its 2020-high at $4.47, established on August 12.

More Tezos News

The last time this indicator turned bullish LINK skyrocketed 300%

LINK established a bottom at $7.31 on September 23 and has rebounded strongly, reaching a peak of $12.97 just three days ago on October 24. The digital asset continues trading inside an ...

More Chainlink News

MakerDAO Price Prediction: MKR aims at a potential price target of $700

MKR has been trading inside an ascending triangle for around 20 days, currently at $589, with a precise resistance level located at $604. The price got rejected several times from this upper boundary.

More MakerDAO News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast