Cryptocurrency market update: $14 billion wiped off the market – Bitcoin, Ethereum and Ripple show strength
|- Bitcoin bulls have one mission at hand: To prevent declines below $8,000.
- Ripple weathered down the losses quite well by sustaining the price above $0.40 key support.
Following the surge at the beginning of the week, the bears are back on a revenge mission. A market capitalization that had risen to $274 billion is currently barely holding on to $260 billion. The daily charts show a market that is mixed red and green at the time of press. Some selected cryptocurrencies like Bitcoin Gold and NEM that are showing gains of 2.7% and 1.65% respectively. However, most of the digital assets among the top twenty are showing declines between 0.4% and 2%.
Bitcoin price update
Bitcoin failed to correct above the resistance at $8,800, which means that the prediction that the price would close the week above $9,000 is unlikely to occur. Instead, the price plummeted massively towards $8,000 level. It seems to the rise to levels above $8,900 did not sit well with the bears who now are on a revenge mission. BTC/USD hit lows of $8,110.70 on the day and hit highs of $8,375.47 as well. Presently, it is trading at $8,293 after a subtle 0.19% rise on Friday. The bulls have one mission at hand: To prevent declines below $8,000.
Ethereum price update,
Ethereum, on the other hand, fell victim to the bearish pressure on Thursday evening. From highs close to $290, the price tested the support at $240. The losses have made the expected correction towards $300 look nothing but a mirage in the short-term. At the moment, Ethereum has recovered to $255 following a 0.28% rise and a relative change of +0.8. As the bulls return, Ethereum is showing strength above the key support at $240 and a reversal above $280 is imminent.
Ripple price update
Ripple weathered down the losses quite well by sustaining the price above $0.40 key support. The price is above the 200 SMA daily hence the bullish momentum that is building at $0.4181. The support at $0.4 is very essential but previous support at $0.35 will come in handy in the even declines extend. $0.45 is the first significant resistance while the bulls still have their eyes set on $0.50 in the short-term.
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