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 & Analysis

Editors’ Picks

Having dropped BTC/USD below $10,000, will the bears now aim for $9,500?

BTC/USD has fallen from $10,197.35 to $9,617 so far this Wednesday, going below the key $10,000 psychological level. The bears will now aim to take the price below the $9,500, but to do that, they will need to conquer ...

More Bitcoin News

Ripple Price Analysis: Ripple finds support at important Fibonacci level

All the major cryptocurrencies fell on Wednesday in the US session. The price of XRP/USD is down around 6% so far in the session. Support has been found on the trendline which confluences with ...

More Ripple News

Litecoin Price Analysis: LTC/USD falls below SMA 20 following Wednesday’s bloodbath

LTC/USD fell from $77.40 to $70.72 this Wednesday as the bears took full control of the market. The buyers were able to bring back the price up to $71.15 in the early hours of Thursday. Following this Wednesday’s bloodbath ...

More Litecoin News

EOS Price Analysis: EOS/USD dips below the $4.50-level

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP