The cryptocurrency market  oscillating in a range, unable to develop a sustainable recovery

  • Bitcoin has settled above $8,300, the short-term trend remains bearish.
  • Altcoins are range-bound, mostly in a green zone.

The cryptocurrency market is a mixed picture today with Bitcoin and most of the major altcoins are green, though the upside momentum seems to be limited so far. The market capitalization of all digital assets in circulation settled at $222 billion, mostly unchanged from Wednesday, while an average daily trading volume dropped to $45 billion from $33 billion the day before. Bitcoin’s market share edged to 67.6%. 

Read also: PBOC denies launching its own cryptocurrency

Top-3 coins  price overview 

BTC/USD has gained 1.2% on a day-on-day basis and recovered the losses of the previous day. The first digital coin hit $8,416 during early Asian hours, however, the upside momentum faded away amid low trading activity.  At the time of writing, BTC/USD is changing hands at $8,340 with a short-term bearish bias.
Ethereum, the second-largest digital asset with the current market capitalization of $19.4 billion, recovered to the area above $180.00 handle for a fraction of time and dropped back to trade at $179.50 at the time of writing. The coin has gained nearly 2% in recent 24 hours, but it is still vulnerable to new losses as long as it stays below $180.00. 
Ripple’s XRP is 1.5% higher from this time on Wednesday, though the coin has been on the retreat  since the beginning of the day. XRP/USD is changing marginally above $0.2500, off the intraday high hit at $0.2580. The third largest digital asset with the current market value of $10.8 billion has been oscillating in a range for a few days.

Read also: Ripple’s XRP to join Bitcoin, Ethereum and Bitcoin Cash on BitPay

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After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

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