The cryptocurrency market update: Bitcoin bulls take revenge, $11,000 comes back into focus


  • 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.

Read also: Cryptocurrencies price prediction: Bitcoin Cash, Ripple & Ethereum Classic - Asian Wrap 03 Sept

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin at $5,000 charts begin to pop up on Twitter, how likely is such a massive correction?

It’s not uncommon to see considerable corrections in the market after massive rallies like the one Bitcoin is experiencing. Around $80 billion were wiped out from the market in less than 24 hours, and some analysts believe the price could go even lower.

More Bitcoin News

Ethereum transaction fees skyrocket as price collapses

At the time of writing, Ethereum (ETH) is trading at $520. The second-largest digital asset, with the current market capitalization of $59 billion and an average daily trading volume of $30 billion, has lost over 12% on Thursday. However, it is still in a green zone on a week-to-week basis.   

More Ethereum News

Cardano Price Prediction: ADA must overcome a massive supply barrier to extend a recovery

Cardano (ADA) has climbed to the 8th position in the global cryptocurrency market rating. The coin hit $0.194, the highest level since July 2020, on November 24, before the correction started. 

More Cardano News

SushiSwap Price Analysis: SUSHI rebounds strongly as whales buy the dip

The entire cryptocurrency market suffered a massive crash on Thursday. Sushiswap price dropped by more than 20% within hours but managed to recover almost instantly, hitting $1.285.

More SushiSwap News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast

BTC

ETH

XRP