Today we’re sharing a brief look at the seven-day market charts and what direction Bitcoin, Ethereum and Ripple are trending in.
Bitcoin has currently settled below the $8,300 resistance level and the short-term trend is bearish. Most altcoins are also in the red zone and have lost ground within days of a short-lived recovery. The market usually alternates between green and red days amid growing indecision.
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Many breathed a sigh of relief with signs of a massive recovery over the weekend but the past two days have pushed Bitcoin and all major altcoins back into the negative territory. The market capitalization of all digital assets in circulation decreased from $224 Billion down to $220 Billion on Tuesday. The average daily trading volume dropped to $53 Billion from $63 Billion in one day.
Bitcoin’s market capitalization is at 67.7%, losing 1.08% on a day-on-day basis. It remains unchanged since the beginning of the day amid growing bearish sentiments. The recovery of Bitcoin seems to be limited at this stage. Bitcoin hit an intraday high at $8,497 but failed to pass a strong resistance at $8,500.
Leading altcoin, Ethereum has a current market capitalization of $19.1 Billion and it is trading at $177. The altcoin lost 1.5% in the past 24 hours. ETH/USD retreated the intraday high of $185 to trade at $177.13.
Ripple has been retreating from the day’s high and trading at $0.247. The altcoin lost 3.48% in the past 24 hours. The coin bumped into resistance on approach to $0.2600 and slipped back below $0.2500 barrier. Ripple is the third-largest digital asset with a market capitalization of $10.7 Billion.
Chainlink, with a market capitalization of $681 Million has gained 8.97% in the past 24 hours. The altcoin continues to beat the market movement and ranks 17th based on market capitalization. Other altcoins like IOTA, EOS, and BNB have lost 0.99%, 2.26% and 1.24% respectively.
Of the 2928 cryptocurrencies, over 70 percent are in the red zone. The rising geopolitical tension had presented an opportunity for Bitcoin to pose as a safe haven, however, amidst increasing concerns around Bitcoin prices, investors are turning towards gold. The market is slipping into the grips of bears and this chaotic market movement may continue throughout the week.
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