The cryptocurrency market  failed to develop sustainable recovery, slips back into the red territory

  • Bitcoin has settled below $8,300, the short-term trend remains bearish.
  • Altcoins are in a red zone, losing ground after a short-lived recovery.

The cryptocurrency market alternates between green and red days amid growing indecision. While Tuesday saw a strong recovery across the board, Wednesday brought some disappointment and pushed Bitcoin and all major altcoins back into the negative territory.

The market capitalization of all digital assets in circulation decreased to $220 billion from $224 billion on Tuesday, while an average daily trading volume dropped to to $53 billion from $63 billion the day before. Bitcoin’s market share edged to 67.8%. 

Top-3 coins  price overview 

BTC/USD has lost 1.6% on a day-on-day basis and stayed unchanged since the beginning of the day amid growing bearish sentiments. The first digital coin staged a strong recovery above critical $8,000 on September 30, though the further upside seems to be limited at this stage. At the time of writing, BTC/USD is changing hands at $8,270. The coin touched an intraday high at $8,388 but failed to pass a strong technical barrier located in that area.
Ethereum, the second-largest digital asset with the current market capitalization of $19.1 billion, returned back below $180.00 handle. The coin has lost over 3.5% in recent 24 hours as the downside correction gained traction. ETH/USD retreated the intraday high of $178.00 to trade at $176.30 by the time of writing.
Ripple’s XRP has been on retreat during the recent 24 hours. The coin bumped into resistance on approach to $0.2600 and slipped back below $0.2500 barrier. The third-largest digital asset with the current market value of $10.7 billion has lost over 4% in recent 24 hours to trade at $0.2480 at the time of writing.

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