Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple succumb to a massive weekend selloff
|- Bitcoin, Ethereum and Ripple lead the entire crypto market to record the most devastating losses in March.
- Bitcoin price holds ground above $8,000 as Ethereum and Ripple try to force a recovery above primary support zones.
All the top three cryptocurrencies; Bitcoin, Ethereum and Ripple were put to their ultimate test following the bearish wave that swept across the cryptocurrency market. The entire market reacted in tandem with the major cryptos, posting massive losses as well.
At the time of writing, the intraday charts show buyers trying to find balance after the gruesome weekend session. The market is a mixture of red and green signals, however, most digital assets are holding the ground closer to their primary support areas.
BTC/USD, for instance, is holding marginally above $8,000 after plunging from highs close to $9,000 on Sunday. Bitcoin price recovery on Monday lost steam at $8,183, leaving the key $8,200 untested. The prevailing trend is bearish while the volatility is high, which means that the sellers are in the driver’s seat. It is essential that $8,000 continues to hold as support while the bulls plot the next move towards $9,000.
Read more: Bitcoin Price Analysis: Turmoil as BTC/USD crash almost hits $8,000
ETH/USD was not spared by the furious bearish wave on Sunday. The cryptocurrency was forced beneath several support zones including $220 and $200. Primary support at $200 came in handy, stopping the losses. At the time of writing, ETH/USD is trading at $201. The bullish trend and high volatility signal that a recovery is in the offing.
XRP/USD dive over the weekend erased most of the progress that had been made in both January and February. The cryptoasset's losses stopped within a whisker of $0.20. However, recovery is underway with Ripple price teetering at $0.2086. XRP/USD is the most improved among the top after posting over 2% in gains on the day.
Chart of the day: BTC/USD daily chart
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