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The cryptocurrency market update: Bitcoin drifts lower within the current range

  • Bitcoin is hovering below $10,200 with a short-term bearish bias
  • Altcoins are moving without a clear direction.
The cryptocurrency market update: Bitcoin drifts lower within the current range
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin and all major altcoins have been a mixed picture during European hours on Tuesday. The total market capitalization stays edged towards to $265 billion, average daily trading increased to $57 billion, while Bitcoin's market dominance retreated to 69.1%.

What’s going on in the market

A bug experienced by the US-based crypto exchange Kraken during production tests allowed users to buy Bitcoin at $8,000 and sell at $12,000. The bug did not affect liquidity and other market conditions.

Bitcoin volatility hit the lowest level since May. This lull in the market forced traders to practice the wait-and-see approach and refrain from active trading as long as the market is directionless.

Top-3 coins  price overview

At the time of writing, BTC/USD is changing hands at $10,150, down 1% on a day-on-day basis and since the beginning of the day. The has been trading below $10.300 since the end of Monday.

Ethereum, the second-largest digital asset with the current market capitalization of $21.4 billion has gained over 2.5% in recent 24 hours to trade at $199.47. ETH/USD grew strongly during early Asian hours, however, the further upside may be limited by a critical $200.00.

Ripple's XRP experienced a strong but short-lived growth.  The third-largest cryptocurrency asset with the market value of $11.4 billion came close ti=o critical $0.2700; however the price quiclkly retreated to $0.2660 amid technical correction.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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