- The digital assets have been growing strongly on Wednesday
- The recent movements reflect the growth of confidence in the market
- Bitcoin stays above $8,000, while major altcoins are hitting new highs.
The cryptocurrency market is on fire. Bitcoin rushed above $8,000 amid strong bullish sentiments following a forceful breakthrough in ETH/USD and XRP/USD. Both coins hit new April highs and continued moving forward. The total capitalization of all digital assets in circulation increased by 5 billion in a matter of hours to $232 billion, while an average daily trading volume reached $147 billion.
Top-3 coins overview
BTC/USD broke free from a tight range and settled well above critical $8,000. This former resistance created by a combination of 61.8% Fibo retracement for the downside move from February 2020 high and daily SMA200, now serves as strong support. The price of the first digital coin has gained over 5% since the start of the day. BTC/USD is moving within a short-term bullish trend amid expanding volatility.
ETH/USD tested $210.00 before retreating to $208.70 by press time. The second-largest coin has gained over 6% since the start of the day and led the bullish rally on Wednesday. Now that $200.00 is out of the way, ETH bulls may focus on the next target of $250.00
XRP/USD jumped above $0.2000 on Tuesday and hit $0.2200 on Wednesday before retreating to $0.2170 by press time. The coin is moving with a strong bullish bias amid high volatility, 6% higher from this time on Tuesday.
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