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Cryptocurrency

The cryptocurrency market directionless as the recovery is petering out

  • itcoin has crept above $8,400, further upside is limited.
  • Altcoins are moving without a clear direction, Ripple’s XRP is manong the best-performing coins.

The cryptocurrency market attempted a recovery during early Asian hours; however, the upside momentum proved to be weak as Bitcoin and all major altcoin are still range-bound close to the recent lows. The market capitalization stays at $222 billion, while an average daily trading volume reduced to $60 billion. Bitcoin’s market share is registered at 58.3%.

Top-3 coins  price overview

BTC/USD dropped below $8,400 to trade at $8,305 at the time of writing. The first digital coin has stayed unchanged both since the beginning of the day and on a day-on-day basis. The bearish pressure is still strong as long as the price stays above $8,500.

Ethereum, the second-largest digital asset with the current market capitalization of $18.4 billion. The coin recovered towards $170.00 handle and touched $171.08; however, the upside proved to be unsustainable. At the time of writing, ETH/USD is changing hands at $167.87. 

Ripple’s XRP has gained over 4% since this time on Wednesday. The third-largest digital asset attempted a recovery attempt and touched $0.2500 handle. Currently, XRP/USD is moving within a tight range with a bullish bias. A sustainable move above $0.2500 will allow for an extended recovery towards strong resistance located on the approach to $0.2600.
 

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.

Source:fxstreet

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