The cryptocurrency market update: Bitcoin and major altcoins lack momentum
- Bitcoin (BTC) has been hovering at $8,300 recently amid market indecision.
- Ripple's XRP stopped within a whisker of critical $0.30.
Low trading activity on the cryptocurrency market has been keeping Bitcoin and all major altcoins in tight rangers since the beginning of the week. The total market capitalization of digital assets in circulation has barely changed in recent 24 hours. At the time of writing it is registered at $226 billion according to CoinMarketCap data. An average daily trading volume edged to $52. Bitcoin’s market decreased to 66.3%, which is the lowest level since the beginning of August.
Top-3 coins price overview
BTC/USD is trading marginally above to $8,300 handle unchanged both on a day-on-day basis and since the beginning of the day. The initial resistance is created by $8,500, though we will need to see a sustainable move above $8,700 for the recovery to gain traction with the next focus on $9,000.
Ethereum, the second-largest digital asset with the current market capitalization of $20.1 billion, has gained 1.2% in recent 24 hours to trade above $185.00 by press time. The coin retreated from an Asian high of $188.60 amid growing bearish sentiments on the intraday level.
Ripple’s XRP is one of the best performing coins out of top-10. XRP/USD hit $0.2995 high during early Asian hours before retreating to $0.2958. XRP is changing hands with nearly 3% gains on a day-on-day basis through the further upside may be limited at this stage.
Author
Tanya Abrosimova
Independent Analyst
