- Bitcoin has settled above $8,400, the short-term upside is capped by $8,500.
- Altcoins are in a green zone, regaining ground after painful losses of the previous week.
The cryptocurrency market switched into a recovery mode as Bitcoin moved above $8,000 and triggered a strong rally among altcoins. The market capitalization of all digital assets in circulation increased to $224 billion from $216 billion on Monday, while an average daily trading volume jumped to $63 billion from $49 billion the day before. Bitcoin’s market share retreated to 67.5%.
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BTC/USD has gained nearly 6% on a day-on-day basis and 1.5 since the beginning of the day amid growing bullish sentiments. The first digital coin staged a strong recovery above critical $8,000 and attracted new short-term buyers to the market. At the time of writing, BTC/USD is changing hands at $8,433. The coin touched an intraday high above $8,500, but failed to pass a strong technical barrier located in that area.
Ethereum, the second-largest digital asset with the current market capitalization of $19.7 billion, smashed several resistance levels and settled above $180.00. The coin has gained over 8% in recent 24 hours to become of one the best-performing altcoins out of top-ten. ETH/USD touched the intraday high of $186.00 during early Asian hours before retreating $183.60 by the time of writing
Ripple’s XRP has been a strong mover during recent 24 hours.. The coin tested area above $0.2600 on Monday evening amid strong buying intrest potentially caused by new Ripple’s partnership with crypto trading firm Algrim. The third largest digital asset with the current market value of $11.1 billion has gained over 7% in recent 24 hours to trade at $0.2580 at the time of writing.
Source: fxstreet.com
