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  • The cryptocurrency market is losing ground; bulls are not strong enough.
  • Sellers control Bitcoin and major altcoins during Asian hours on Wednesday.

The cryptocurrency market has resumed the sell-off during early Asian hours on Wednesday as Bitcoin and all major altcoins nursing losses. The total capitalization of all digital assets in circulation edged to $331 billion from $324 billion on Wednesday, while an average daily trading volume dropped to $82 billion from $98 billion this time on Wednesday. Bitcoin regained its market value, which is now 63.0%.

Top-4 coins price overview

Bitcoin (BTC/USD) touched the area above $12,000 handle, but failed to hold the ground and retreated to $11,600 by the time of writing. The first digital has lost 2.6% of its value since the beginning of the day; however, it remains the best performing coin out of top-20, with over 3% of day-on-day gains. A sustainable recover above critical $11,000 give hope to Bitcoin bulls and create an environment for further recovery.

Ethereum, the second largest digital asset with the current market capitalization of $31.5 billion, hovers below $300 barrier, unchanged on a day-on-day basis and down 2/6% since the beginning of Wednesday. ETH/USD is confined to a range with risks skewed to the downside as long as $300 remains unbroken.

Ripple’s XRP has slipped below $0.40 handle again. The third largest digital asset with the current market capitalization of $17.0 billion has lost 1.2% on a day-on-day basis and 1.8% since the beginning of the day. At the time of writing, XRP/USD is changing hands at $0.3970, having retreated from the intraday high of $0.4062.

Litecoin (LTC/USD) is sitting below $120.0 amid slow market activity. The fourth largest coin with the current market capitalization of $7.5 billion touched $122.32 during early Asian hours, but the upside momentum proved to be unsustainable. At the time of writing, LTC/USD is changing hands at $119.70, down 2% on a day-on-day basis.