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The cryptocurrency market update: Bitcoin consolidates losses, altcoins explore the red territory

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The cryptocurrency market update: Bitcoin consolidates losses, altcoins explore the red territory

  • Bitcoin is hovering at $9,700 with a short-term bearish bias.
  • Altcoins are range-bound with a bearish bias.

The cryptocurrency market is a mixed picture ahead of the US opening. Bitcoin and major altcoins attempted to recover from the recent lows during early Asian hours; however, the upside momentum failed to gain traction and left the coins consolidate losses with a bearish bias. The total market capitalization of all digital assets in circulation decreased to $255 billion;  an average daily trading volume settled at $60 billion, while Bitcoin’s market dominance edged higher to 68.5%.

What’s going on in the market

EOS announced its first hard fork and implemented a series of major updates; Several exchanges including Binance and Huobi announced the support for the fork. However, the coin failed to react to  the positive news

Top-3 coins  price overview

At the time of writing, BTC/USD is hovering around $9,700. The first digital coin has lost over 2% of its value in recent 24 hours and stayed mostly unchanged since the beginning of the day.

Ethereum, the second-largest digital asset with the current market capitalization of $21.3 billion has stayed under pressure. The coin has lost nearly 6% in recent 24 hours and slipped below $200.00 to trade at $196.00 by press time. ETH/USD has recovered from the recent low of $194.60.

Ripple’s XRP settled below $0.2700, close to the intraday low registered at $0.2637. The third-largest coin with the market value of $11.5 billion has lost 2% in recent 24 hours and stayed unchanged since the beginning of the day.

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