Home Crypto market update: Bitcoin decouples from the market
Crypto News

Crypto market update: Bitcoin decouples from the market

  • Bitcoin retains gains amid downside correction of the altcoins.  
  • The upside movement may be resumed.  

The cryptocurrency market has stalled after a strong growth on Tuesday. All major altcoins have reversed earlier gains, while Bitcoin managed to hold the ground.  The total value of all digital assets in circulation is registered at $181 billion from $185 billion reached on Tuesday. The  average daily trading volume stayed at $52B.  

Top-3 coins price overview:  

  • Bitcoin (BTC) is changing hands at $5,550, which is 3% higher from this time on Wednesday.  While the short-term trend is bullish, BTC is deeply overbought. It means that the downside correction is highly possible at this stage.    
  • Ethereum (ETH) crashed to $168.80 handle, after an epic growth to $177.67 on Tuesday. The second largest coin is down 1.6% from this time on Tuesday and nearly 5% from the recent high. ETH managed to recover from the intraday low of $166.93, moving within the short-term bullish trend.    
  • Ripple’s XRP is hovering around $0.3200, down 1.4% since this time on Tuesday. The coin has been locked in a tight range since the beginning of the day.  

The biggest market-movers:

  • Cardano (ADA) has turned from the market leader to an outsider with over 7% of day-on-day losses. The coin is changing hands at $0.0736. Now it takes the 10th place in the global cryptocurrency rating.  
  • Binance Coin is the second worst-performing cryptocurrency. The coin has lost nearly 7% of its value in recent 24 hours decpite the successful migration from Ethereum protocol to Binance Chain.    
  • IOTA is also a big loser. The coin is changing hands at $0.2922, down 6% from this time on Tuesday.  

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.