The Cryptocurrency Market Update: Bitcoin back on recovery track, Ripple and Ethereum follow the lead

Bitcoin (BTC) is trading above $7,400 during early Asian hours.
Altcoins are mostly positive, but the upside momentum is fading away.

Tanya Abrosimova Independent Analyst

The cryptocurrency market resumed the recovery. Bitcoin and all major altcoins are trading in a green zone with gains ranging from 2% to 7% on a day-to-day basis. The total cryptocurrency market capitalization surpassed $200 barrier and reached $204 billion from $196 billion this time on Tuesday; an average daily trading volume increased to $69 billion. Bitcoin's market share settled at 66.5%.

Top-3 coins price overview

BTC/USD dipped below $7,000 on Wednesday; However, the sell-off proved to be temporary as the coin recovered to the previous range within several hours. At the time of writing, BTC/USD is changing hands at $7,430, off the intraday high of $7,626. The initial support is created by SMA200 (Simple Moving Average) 1-hour at $7,389.

BTC/USD, 1-hour chart

Ethereum is hovering above $151.00, off the intraday high registered at $154.97. The second-largest digital asset, with the current market capitalization of $16.5 billion, has gained over 3% in recent 24 hours. ETH/USD is supported by a psychological $150.00. This barrier is followed by SMA50 1-hour at $148.59. An initial resistance is created by SMA200 1-hour at $154.50.

ETH/USD, 1-hour chart

Ripple's XRP bumped into $0.2300 and retreated to $0.2250 by press time. The 3d largest digital asset with the current market value of $9.6 billion has gained over 2.5% on a day-to-day basis amid global recovery on the cryptocurrency market. A confluence of SMA100 and SMA50 1-hour on approach to $0.2200 serves as initial support. The resistance is created by a psychological $0.2300.