Cryptocurrency market update – Crypto bulls push Bitcoin (BTC) and major altcoins higher; ranges still observed

• Bitcoin and major altcoins are range-bound with bullish bias during early Asian hours.

• A new catalyst is needed to push the coins out of ranges.

The cryptocurrency market has recovered from the recent lows. However, significant resistance levels remain unbroken as Bitcoin (BTC) and all major altcoins are still moving within the recent ranges.

 

Top-20 coins are all in the green zone, with Tezos gaining eye-watering 22% of its value in recent 24 hours. The gains of the rest are less impressive, ranging from 1% to 5%.

 

The total capitalization of all digital assets in circulation settled at $268 billion. The total trading volume slipped to $46 billion, while Bitcoin's market share stayed at 64.5%.

Top-4 coins price overview

Bitcoin (BTC/USD) recovered from the intraday low at $9,575 to trade at $9,660 by the time of writing. Despite the recovery, the bull's momentum is not strong enough to take the coin out of the range, while the critical $10,000 is still a distant dream. BTC/USD has gained about 2% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

 

Ethereum, the second-largest digital asset with the current market capitalization of $22.7 billion, has grown by 2% on a day-on-day basis and 1% since the start of the Asian session on Wednesday. ETH/USD is hovering above $210, off the intraday low registered at $209.66.

 

Ripple's XRP tested $0.3200 handle, but the barrier proved to be too strong for the bulls. The coin retreated towards $0.3170 and entered a consolidation mode amid low trading activity on the market. Ripple's current market capitalization is registered at $13.6 billion. The coin has gained 3% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

 

Litecoin (LTC/USD) is hovering around $91.00 during early Asian hours on Wednesday; however, the coin slipped to the fifth place in the global cryptocurrency market rating, giving way to Bitcoin Cash. Litecoin's current market capitalization is registered at $5.7, while an average daily trading volume surpassed $2 billion.

 

 

Tanya Abrosimova

FXStreet