- Bitcoin (BTC) recovers from the recent low, still under pressure.
- Altcoins retain downside bias during early Asian hours.
The cryptocurrency market has settled down after a sharp sell-off on Thursday. Bitcoin and all major altcoins are nursing losses on a day-to-day basis with ta notable exception of Tezos (XTZ). The coin has gained over 5%, building on the recovery of the week. The total cryptocurrency market capitalization crashed to $208 billion, from $220 billion this time on Thursday; an average daily trading volume is increased to $81 billion. Bitcoin's market share settled at 66.1%.
Top-3 coins price overview
BTC/USD recovered from Thursday low of $7,393 and settled down in a new range limited by $7,700 on the upside and $7,500 on the downside. At the time of writing, BTC/USD is changing hands at $7,580, down nearly 5% on a day-to-day basis and unchanged since the beginning of the day.
BTC/USD, 1-hour chart
Ethereum, the second-largest digital asset with the current market capitalization of $17.4 billion, has settled above $160.00 after a sharp sell-off towards $156.22 on Thursday evening. The recovery is capped by the middle line of 1-hour Bollinger Band 1-hour currently at $162.50. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $170.00 reinforced by SMA50 (Simple Moving Average) and the upper line of 1-hour Bollinger Band. At the time of writing, ETH/USD down 8.5% on a day-to-day basis and unchanged since the beginning of the day.
ETH/USD, 1-hour chart
Ripple’s XRP returned to $0.2400 on Friday after a short-lived dip to $0.2357. The third-largest digital asset with the current market value of $10.4 billion has lost 3.6% of its value in recent 24 hours, unable to develop a sustainable recovery. The initial barrier is created by $0.2460 (the upper line of 1-hour Bollinger Band) followed by SMA50 1-hour at $0.2470.
XRP/USD, 1-hour chart
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
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.