The cryptocurrency market is enjoying a breather as bears stay back to give the bulls room to stretch following a period of extended declines. The market is seeing steady upward price action since trading session began for the day. The slight correction can be observed across the board as major crypto (legacy) currencies are trading with increase in value by nearly 1% to 4% on the day. NEO is the biggest single-digit gainer of the day with gains reaching 4%. It is followed closely by Dash (Dash), which is up 3.37%. The other asset with gains exceeding 3% is Litecoin (LTC). The rest of the top 20 coins by market capitalization are in the green. The larger cryptocurrency market has also corrected higher adding more than $2 billion from $107 billion recorded yesterday to slightly above $109 billion.
Bitcoin Battles to Reclaim $3,400 as Market Experiences A Temporary Breather
Bitcoin opened the trading session today at $3,399.57 and has hit an intra-day high of $3,514.94 after testing the support at $3,341.55. The BTC/USD pair is currently trading at $3,380 up by 2.65% on the day while price action indicates that the current trend is bullish. Bitcoin currently has a market cap of $60 billion and has a trading volume of $4.7 billion per trading session (each day). The market is currently gloomy and sorrowful with both bull traders and investors anxiously waiting for a reversal. Bitcoin has recorded new annually lows and continues to grind lower towards these lows. As trading session moves forward investors are looking for bitcoin to move back above $3400 handle to confirm recovery rally.
Meanwhile, it is encouraging to know that there are people who believe that despite the unstoppable downtrend, Bitcoin will see a reversal and a bull rally in the near future. Many experts and analysts in the industry reckon that Bitcoin has bottomed out and that a reversal is pending while few continue to argue that bitcoin is yet to hit bottom and may go as low as $2000 before seeing solid reverse in price action. Meanwhile, Ethereum (ETH) is also in the green having corrected lower yesterday below the support at $90.00. ETHUSD pair hit an intra-day low at $86.25 and high at $92.25 today and is currently trading at 91.24 up by 3.83% on the day. Its market capitalization stands at $9.3 billion and has a trading volume of $1.7 billion in 24-hours.