- Altcoins continue sliding down amid low trading activity
- Bitcoin is moving towards $3,300 handle.
The cryptocurrency market continues moving within a bearish bias amid growing frustration and disappointment. Bitcoin and other major altcoins are pushing down with the total capitalization of digital assets in circulation mow registered at $108B. Sentiments and technical factors rule the market and create a death spiral for virtual money.
Bitcoin is down 1.6 % since this time on Tuesday, trading at $3,338 at the time of writing. The first digital coin has been sitting in a tight range since early Asian hours amid low trading activity as investors try to figure out if the market has reached the bottom. At least for now.
Ethereum, the third largest digital asset, is changing hands at $87.74, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The coin’s market value is registered at $9.4B, while the average trading volumes have settled at $1.7B, unchanged from yesterday. Ethereum follows the general trend of the cryptocurrency market, though the coin needs to recover above $100.00 to mitigate the immediate bearish pressure.
Ripple’s XRP is hovering around $0.30. The coin is locked in a narrow range amid a sense of indecision on the market. The second largest coin with market value $12.4B has been moving in sync with other coins, despite some positive news from Ripple.
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