Cryptocurrency Market Update: Bitcoin eyes $9,000, Ethereum stalls under $205 while Ripple paralyzed under $0.20
|- Bitcoin price is pushing for recovery from the weekend dip to $8,600; all eyes on $9,000.
- Ethereum price steps above $200 but bulls fail to break the resistance at $205.
- Ripple pushed to the fourth position in the market after Tether strong-armed it from the third spot.
The cryptocurrency market is turning bullish during the European hours. The bullish momentum is led by Bitcoin’s 1.7% growth in value on the day. The main goal is to correct from the weekend dip that tested $8,600. Recovery has already made it above $8,800. The next hurdle is at $8,900, likely to function as the stepping stone to levels above $9,000. At the time of writing, Bitcoin is trading at $204.90.
Ethereum, on the other side, is trading 2.63% higher from $199.59 (opening value on Monday. There was a struggle at $200 but eventually a breakout towards $205 (current immediate resistance) occurred. Meanwhile, an intraday high was reached at $204.90, marking the end of the brief rally. For now, Ether is valued at $203.89 and facing a growing bearish trend and low volatility.
Ripple has lost its third spot in the cryptocurrency market to the largest stablecoin, Tether (USDT). XRP performance has not been impressive for a long time. Data by CoinMarketCap shows that Tether has a market cap of $8.8 billion compared to XRP’s $8.5 billion.
At the time of writing, XRP is trading at $0.1938 after adjusting from $0.1924 (opening value). This represents a subtle 0.82% growth on the day. The resistances at $0.1950 and $0.20 must come down in order to pave the way for more gains towards $0.30.
Market:
According to Glassnode, an on-chain market intelligence firm, says that there are over 40 million “Ethereum wallet addresses holding ETH.” The data shows an increase of over 350% from the time Ether hit the all-time high in the early days of 2018. Glassnode also found out that Bitcoin has three times more wallet address than Ethereum.
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