Cryptocurrency Market Update: Bitcoin and major altcoins `jump off the lows, give bulls a glimpse of hope – FXStreet

Bitcoin and major altcoins have recovered from the recent lows amid technical correction from deeply oversold levels. The total capitalization of all digital assets in circulation settled at $179 billion, while an average daily trading volume spiked to $93 billion.

BTC/USD is changing hands at $6,659, off the intraday low of $6,435. The first digital coin is still down nearly 3% on a day-to-day basis. From the technical point of view, Bitcoin has returned inside the Bollinger Band on 1-hour chart with further recovery limited by $6,700.

ETH/USD regained the ground above $123.00 after collapsing to $166.40 earlier on Wednesday. The second-largest coin is shadowing Bitcoin moves with the initial resistance created by $125.00 (the upper line of 1-hour Bollinger Band). An upward-looking RSI (Relative Strength Index) implies that the short-term recovery may be extended.

XRP/USD hit bottom at $0.1752 before recovering to $0.1823 by press time. The coin has lost over 7% in recent 24 hours amid strong bearish pressure. Despite the recovery, the coin is moving within a steep downside trend.

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Cryptocurrency Market Update: Bitcoin and major altcoins `jump off the lows, give bulls a glimpse of hope - FXStreet