- Bitcoin (BTC) is glued t0 $7,450 during early Friday hours.
- Altcoins are green, gaining from 1% to 16% on a day-to-day basis.
The cryptocurrency market attempts a recovery, however, Bitcoin and all major altcoins are still well below the levels registered at the beginning of the week. At the time of writing, the total cryptocurrency market capitalization settled at $205 billion, down from $202 billion the day before; an average daily trading volume dropped to $57 billion from $81 this time on Wednesday; Bitcoin's market share dropped to 65.6%.
Top-3 coins price overview
BTC/USD has been range-bound during early Asian hours. The first digital coin is confined to a narrow range limited by $7,424 on the downside and $7,466 on the upside. Meanwhile, we will need to see a sustainable move above at least $8,000 for the upside to gain traction. The nearest support now comes at $7,400. Once it is out if the way the sell-off may continue towards $7,000.
Ethereum, the second-largest digital asset with the current market capitalization of $17.6 billion, has stayed mostly unchanged both on a day-to-day basis and since the beginning of Friday. At the time of writing, ETH/USD is changing hands at $162.11, off the intraday low of $160.78. Looking technically, ETH/USD needs to recovered above $163.00 ( the upper line of fone-hour Bollinger Band) to mitigate an initial bearish pressure.
Ripple’s XRP is one of the best-performing altcoins. XRP/USD has gained 2.6% to trade at $0.2780 by press time. While the upside momentum has faded away on approach to $0.2800, the short-term picture remains bullish as long as the price stays above $0.2700 support.
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
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.