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Crypto Market Overview: Bitcoin (BTC) locked in a range, altcoin under pressure

  • All major coins are rangebound with a bearish bias on Wednesday.
  • Bitcoin retreats below $7,900 after a failed recovery attempt. 

Bitcoin is range-bound with bearish bias; altcoins follow the lead of the first digital coin. The market has calmed down after a massive sell-off, however, it is not ready for recovery yet. The total market capitalization has settled at $223 billion. The average daily trading volumes climbed to $132 billion, while Bitcoin’s market share is 64.2%.

Top-3 coins price overview:

Bitcoin slid below a $7,900 barrier on Wednesday. Unsuccessful attempt to settle above $8,000 discouraged short-term speculators, but long-term traders believe that the coin has bottomed out and may resume the recovery after a consolidation period. BTC/USD has lost 2.5% on a day-to-day basis and stayed unchanged since the beginning of the day.

Read also: Bitcoin long-term bulls stay positive even as BTC/USD fails to recover above $8,000

Ethereum (ETH) is down 2.7% since this time on Tuesday. The second-largest coin has been moving in sync with the market; however, the news that dApp developer tested COVID-19 positive might have created additional pressure on the coin.  A confluence of strong technical levels clustered above the current price, including SMA50 1-hour, may prevent ETH/UD from a sustainable recovery.

Read also: Ethereum Price Analysis: ETH/USD faces numerous barriers above $200.00

Ripple’s XRP slipped marginally below $0.2100 to trade at $0.2080 by press time. The third-largest coin has been trading with bearish bias during European hours amid shrinking volatility. XRP/USD has lost 1.5% in recent 24 hours

The biggest market-movers:

Chainlink (LINK) and NEO are the biggest losers of the day out of top-25. The coins shed over 4% of its value in recent 24 hours. UNUS SED LEO is the only large token in a green zone (+0.28%)

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