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.
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.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
