The cryptocurrency market update: Bitcoin attempts cautious recovery

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  • Bitcoin has settled above $8,000, but the further upside is limited
  • Altcoins are moving without a clear direction.

The cryptocurrency market attempted a recovery on Friday. Bitcoin and all major altcoins stay on a green territory on a day-on-day basis; however, the upside momentum seems to be fading away. The market capitalization of all digital assets in circulation edged towards $218 billion from $212 billion on Friday, while an average daily trading volume decreased to $53 billion. Bitcoin’s market share decreased to 67.8%.

Top-3 coins  price overview

BTC/USD moved above $8,000 to trade at $8,180 at the time of writing. The first digital coin has gained nearly 2% of its value on a day-on-day basis and stayed unchanged since the beginning of the day. While a recovery above critical $8,000 improved the short-term technical picture and mitigated an immediate bearish pressure, we still will need to see a sustainable move above SMA200 (Simple Moving Average) daily at $8,374 for the upside to gain traction.

Ethereum, the second-largest digital asset with the current market capitalization of $18.8 billion is on recovery mode. The coin has gained nearly 5% in recent 24 hours to trade at $174.60 at the time of writing. ETH/USD came close to $176.00 during early Asian hours, but failed to hold the ground. 

Ripple’s XRP has been a slow mover recently. The coin climbed marginally above $0.2400, but the further upside momentum seems to be limited. The third largest digital asset with the current market value of $10.4 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of Saturday. 

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