Major Cryptocurrencies Back On Recovery Mode

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Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

The cryptocurrency market has extended the recovery from the recent sell-off as Bitcoin and many major altcoins moved above the critical resistance levels and registered strong daily gains ranging from 1% 10 11%. However, despite overall positive sentiments, some coins moved to the North, influenced by local factors.

The total capitalization of all digital assets in circulation increased to $353 billion from $327 billion on Monday, while an average daily trading volume grew to $79 billion from $61 billion this time yesterday. Bitcoin’s market share jumped to 64.0%, which is a new high since April 2017.

Bitcoin (BTC/USD) has recovered above $12,000 amid strong bullish momentum. The first most popular asset has gained over 11% in recent 24 hours at settled at $12,700. The next strong resistance comes at $13,000. However, we might need some period of consolidation before another bullish wave.

Ethereum, the second largest digital asset with the current market capitalization of $33.8 billion, has gained nearly 4% on a day-on-day basis, though the upside momentum is limited by $318-320 area. ETH/USD is mostly unchanged since the beginning of the day, moving in sync with the market.

Ripple’s XRP has gained 2.4% since this time on Monday to trade at $0.4055 by the time of writing. The third largest digital asset with the current market capitalization of $17.1 billion managed to break above $0.4000, but the upside momentum is losing traction and there is no follow through. The further recovery is limited by the recent high at $0.4088.

Litecoin (LTC/USD) is losing ground on Tuesday, though it is still 3.4% higher on a day-on-day basis. The fourth largest coin with the current market capitalization of $7.7 billion hit $125.00 on Monday, but the upside momentum faded away. At the time of writing, LTC/USD is changing hands at $123.25.

Chainlink (LINK) and UNUS SED LEO (LEO) are the worst performing cryptocurrencies out of top-20. They are down 5.6% and 6% respectively.

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