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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Editors’ Picks

BTC/USD must overcome resistance at $8,985 to re-enter the $9,000 zone

BTC/USD has had a bearish start to the day following a bullish Tue. So far this Wed, the price of the asset went down from $8,811.45 to $8,773. This followed a pretty bullish Tue, wherein BTC/USD went up from $8,720.50 to $8,811.45.

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Ripple price overview: XRP/USD triangle breakout fails to materialize

XRP is also in the red on the third day of this week’s trading. The Asian trading session has been characterized by bearish action where Ripple kicked off the day at $0.2722 but touched an intraday ...

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ETH/USD keeps trending horizontally in a narrow $11-range

ETH/USD daily chart keeps trending horizontally in a narrow $11-range between $191 and $180. Currently, Ethereum is priced at around $185.85 and is floating above ...

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Chinese news agency hails bitcoin as “first successful application of blockchain”

Xinhua, a Chinese state news agency, recently praised bitcoin in a front-page article. The flagship cryptocurrency was hailed as blockchain technology’s first successful application.

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Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast