Cryptocurrency Market Update: Bitcoin struggles at $9,300, while altcoins on the run

• Major altcoins have been growing strongly since the start of the day.
• Bitcoin needs to settle above $9.300 to improve the short-term technical picture.

The cryptocurrency market recovery is driven by altcoins. XRP, BCH, ADA, LINK, XLM and other coins have been smashing resistance levels one after another with no particular fundamental reason. Bitcoin (BTC) is struggling at $9,300 and losing its market dominance. The total capitalization of all digital assets in circulation has reached $272 billion, while Bitcoin’s market share slipped to 62.7%.

Meanwhile, the global stock markets are on retreat amid growing concerns that the coronavirus outbreak in the US might threaten the economic recovery. Gold is getting closer to the highest level in nine years due to flight to safety.

Top-3 coins overview

BTC/USD attempted to settle above $9,300 during early Asian hours only to retreat to $9,280 by press time. The first digital asset has been hovering around the key level for the best part of the day, but the upside momentum is nowhere to be seen. The coin has stayed unchanged since the beginning of the day and on a day-to-day basis.  Now it is moving within a short-term bullish trend amid low volatility.

BTC/USD daily chart

ETH/USD catapulted to $244.42 during early Asian hours and fell back to $242.30 by press time. The coin has gained nearly 3% of its value on Wednesday, moving within a short-term bullish trend amid low volatility. The next critical resistance is created by $245.00 (the upper line of the daily Bollinger Band), while the support comes at $240.00.

ETH/USD daily chart

XRP/USD jumped to the intraday high at $0.2022 and retreated to $0.1980 by press time. The coin has gained over 7% both on a day-to-day basis and since the beginning of the day. A strong move above $0.2000 will help to improve the technical picture significantly. The next target is created by the daily SMA200 at $0.2088. 

XRP/USD daily chart