Crypto Market Update: Bitcoin bulls take revenge, altcoins on recovery spree

By March 21, 2020bitcoin-ms
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  • All major coins are in a green zone, most of them showing double-digit gains.
  • Dash is the best-performer with 24% of gains.

The cryptocurrency market is flashing with green colors. After a period of slow range-bound trading, Bitcoin and all major altcoins resumed the recovery and moved towards critical resistance levels. The total market capitalization has reached $161 billion. The average daily trading volumes settled at $134 billion. Bitcoin's market share has recovered to 64.9%

Top-3 coins price overview:

Bitcoin hit $5,922 ahead of US opening, which is the highest level since March 15; however, the critical $6,000 remains untouched as of yet. Once this area is broken, the upside momentum will increase exponentially. The first digital coin has gained nearly 12% on a day-to-day basis, while a sustainable move below SMA200 1-hour has improved the short-term technical picture.

BTC/USD 1-hour

Ethereum stopped within a whisker of $130.00 and retreated to $125.84 by press time. The second-largest virtual coin has gained over 10% since this time on Wednesday, moving in sync with Bitcoin as its correlation with the first digital asset moved closer to 1.00. At the time of writing, ETH recovery is limited by SMA50 4-hour (130.00). Once it is broken, the upside momentum will gather pace.

ETH/USD 4-hour

Ripple's XRP is hovering around $0.1540 after a decisive move above $0.1500 during European hours. The third-largest coin has gained 7.5% in recent 24 hours and 4% since the beginning of the day. The further recovery may be limited by SMA200 1-hour at $0.1570.

XRP/USD 1-hour

DASH is the best-performing coin out of top-20. It has gained over 24% on a day-to-day basis, following a massive increase on Wednesday. The second place goes to Chainlink (LINK), which is 16% from this time on Wednesday.

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Dash is the best-performer with 24% of gains.

The cryptocurrency market is flashing […]

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