- Cryptocurrency market is a mixed picture.
- Bitcoin and major altcoins retraced from recent highs.
The cryptocurrency market has stabilized after an exciting start of the week. The total value of all digital assets in circulation settled at $122B, off Wednesday’s high registered at $129B. While the major coins demonstrate mixed picture amid mild correction, the overall sentiments remain positive.
Experts point to several factors that helped to turn the tide, including a reversal from strong support on approach to $3,000.
“Yes, the $3,000 support level and a short squeeze has helped Bitcoin price recover, there is also a lot of media coverage around Mark Dow closing his short position, which he opened when Bitcoin was around $19,000, adding to the positive sentiment,” Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital explains.
Bitcoin is changing hands at $3,717, unchanged on a day-to-day basis. The coin is moving within a short-term bearish trend, which qualifies as a natural correction after a strong rally. Bitcoin’s market dominance stays at 53.9%, off the recent highs registered at 55%.
Ethereum, the third largest digital asset, stays firmly above critical $100 handle. The coin tested waters under this level during early Asian hours but recovered to $102 by the time of writing. Ethereum’s market capitalization decreased to $10.4B, while average trading volumes registered at $2.3B, which is high by historical standards. ETH/USD is down 2% since this time on Wednesday.
Ripple’s XRP is changing hands at $0.3600. The coin dropped below $0.35 handle in Asia, but the sell-off proved to be short-lived. XRP/USD is down 3% on a day-to-day basis and up 2% since the beginning of Thursday trading. Ripple’s coin is trading in sync with other major altcoins, correcting after a strong rally at the beginning of the week.
Share
