Cryptocurrency market overview: back to the drawing board

  • The market returned to the previous ranges after a spike of volatility on Tuesday.
  • Lack of demand caps Bitcoin’s recovery.

Despite a sudden outburst of volatility, cryptocurrency market is practically unchanged on a day-over-day basis. The total capitalization of digital assets in circulation amounts to $120.9B against $120B this time on Tuesday.

Bitcoin is changing hands at $3,583, having gained 1% in recent 24 hours. The first digital coin tested critical $3,600 on Tuesday, but the barrier proved to be too strong for Bitcoin bull so far.

Cryptocurrency experts believe that Bitcoin’s price recovery is limited due to weak demand caused by a strong bearish market in 2018.

“Demand remains an Achilles’ heel for all cryptocurrencies because most people have soured on this investment class and have no interest in putting in new money. Every bounce continues to be a selling opportunity,”  Jani Ziedins of the CrackedMarket explains.

Ripple’s XRP stays marginally above $0.3200 handle after a short-lived dip to $0.3080 amid global cryptocurrency sell-off. The second largest coin is moving in sync with the broader market.

Ethereum regained ground above $119.00 to trade at $19.49 at the time of writing. ETH/USD has gained 1.3% in recent 24 hours. The coin has a market value of $12.4B and an average daily trading volume of $2.4B.

Bitcoin Cash (BCH) is the growth leader today. The coin is flirting with $130.00 handle, 6.5% higher than this time on Tuesday.

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