The cryptocurrency market update: Bitcoin and major altcoins drift towards support levels

  • Bitcoin (BTC) has settled above SMA200 daily amid short-term downside correction.
  • Altcoins are mostly bearish during early Asian hours.

The cryptocurrency market stays in a red zone with bitcoin and all the majority of top-20 altcoins nursing losses from 1% to 7%. The downside correction is gaining traction into the end of the week. The total cryptocurrency market capitalization is decreased to $245 billion from $248 billion the day before; an average daily trading volume settled at $88 billion down from $98 this time on Wednesday; Bitcoin's market share settled at 67.3%.

Top-3 coins price overview 

BTC/USD bottomed at $8,995 on Wednesday and recovered to $9,107 by the time of writing. Strong support created by SMA200 (Simple Moving Average) daily stopped the bears; however, once it is broken, the sell-off may start snowballing with the next focus on $8,600.  Bitcoin has lost nearly 1.5% of its value in the 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 $19.9 billion, has lost 2.4% on a day-to-day basis. At the time of writing, ETH/USD is changing hands at $182.65, off the recent high of $185.56 touched during early Asian hours. Looking technically, ETH/USD recovery is capped by SMA100 daily, though the longer-term forecast remains bullish as long as it stays above $180.00. 
Ripple’s XRP bears took the coin below $0.3000 again. The third digital coin with the current market value of $12.7 has lost over 2% of its value on a day-to-day basis and stayed unchanged since the beginning of the day. At the time of writing, XRP/USD is trading at $0.2940.

Read also: Ripple price prediction: $0.30 attracts XRP/USD like a magnet – Confluence Detector

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