- The market is in recovery mode, but bullish momentum is waning.
- Crypto market volatility is subsiding.
Cryptocurrency market value has grown by $15B since Tuesday as major coins have recovered from losses incurred at the beginning of the week. The bullish momentum has been slowing down during early Asian hours evidencing that the recovery may be coming to a halt. The total value of all cryptocurrencies settled at $345B from $330B on Tuesday and $470 a month ago; with average daily volume is registered at $16B according to CoinMarketCap.
Bitcoin, the worlds biggest digital currency, is trading at $7,600 handle, off Tuesday’s low at $7,355 level. BTC/USD is mostly unchanged since the start of the day and up over 2% since this time yesterday; Bitcoin’s market value is $130B.
Ethereum is trading at $605, marginally lower on the day. However, on a day-to-day basis, the second largest coin gained over 3%; ETH/USD managed to break above $600 handle, but no follow-through may push it back in $500.00-$600.00. range. Ethereum’s market value stands at $60B, the average daily trading volume is $1.8B.
Ripple climbed marginally above $0.67, off Tuesday’s low at $0.6350, though $0.70 resistance is still out of reach. On daily basis Ripple has gained 3.2% amid overall recovery on crypto markets. XRP’s market value has settled at $26.4B, trading volumes – $369M. XRP/JPY and XRP/KRW are the most active trading pairs with Ripple.
EOS is a recovery leader so far with 5% growth on daily basis. EOS/USD is changing hands at $14.03 with bullish momentum fading away. EOS market value is registered at $12.5B, trading volume – $1.4B. EOS is most actively traded at Huobi and OKEx against USDT.
Meanwhile, cryptocurrency market volatility has subsided during recent weeks. Thus, 30-day bitcoin volatility index is down 8% since the beginning of 2018, currently trading at 2.77%, which is the lowest level since May 2017. This development might be caused by a reduced interest in digital assets reflected in recent Google Trends.
EOS/USD, the daily chart
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