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.

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.

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