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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.

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