Tanya Abrosimova
Independent Analyst
- Bitcoin is hovering above $10,400, critical $10,700 limits the downside.
- Ethereum Classic (ETC) is the growth leader of the day.
The cryptocurrency market has recovered significantly since the beginning of the week. Bitcoin and all major altcoins are on the rise amid the improved sentiments. While a currency crisis in Argentina might have served as an initial trigger that set the bullish ball rolling; however, now the market is driven by a new wave of optimism. The total market capitalization increased to $265 billion, while an average daily trading volume increased to $57 billion; notably, Bitcoin's market dominance spiked above $70.0% for the first time since the beginning of 2017.
Top-3 coins price overview
At the time of writing, BTC/USD is changing hands at $10,414, with over 6% gains on a day-on-day basis. The first digital asset came close to $10,500; however this barrier remains unbroken so far. A sustainable move above $10,700 will embolden Bitcoin bulls.
Ethereum, the second-largest digital asset with the current market capitalization of $19.2 billion, is changing hands at $178.40. The coin has gained 4% on a day-on-day basis amid global recovery on the cryptocurrency market.
Ripple's XRP has broken above its recent channel, but the upside momentum seems to be limited. The third largest coin with the current market value of $11.2 billion has gained 2.2% on a day-on-day basis to trade at $0.2616 by press time.
The biggest altcoin market-movers
Ethereum Classic (ETC) retains the position of a growth leader with over 7% of gains on a day-on-day basis. ETC/USD is changing hands at $6.73.
Read also: Binance launches ‘Binance X’, aims at building open-source crypto software
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Litecoin price is failing recovery as Whales pull back to December 2020 lows
Litecoin price was showing some signs of recovery about two weeks ago, but it failed to sustain the bullish momentum, resulting in minor corrections. While broader market cues are to be blamed for this, a lot of the credit goes to the whales, too, whose disappointing performance has impacted the altcoin.
Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.
Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul
Ripple Labs is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.
Ethereum Restaking - The next big thing after liquid staking?
Ethereum introduced unstaking this year, and the crypto market witnessed a stark shift. The Decentralized Finance (DeFi) space, in particular, observed the emergence of liquid staking protocols. With the discourse of “restaking” picking up heat, it seems like the market is getting ready for the next big thing.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.