Cryptocurrency market update: Bullish wave in action – Bitcoin zooms to 2019 high, Ripple and Ethereum react
|- The market capitalization has increased significantly to $185 billion.
- BTC/USD traded new 2019 high at $5,632.52 before retreating below $5,600.
- Ethereum and Ripple correct in tandem with Bitcoin surge.
The bulls have had their field day following a day of consolidation. Cryptocurrencies corrected slightly lower over the weekend but the losses were protected at the key support congestions, for example, Bitcoin at $5,200, Ethereum $170 and Ripple above $0.32. The rest of the market capitalization thinned to $176 billion.
However, the correction seen on Tuesday during the Asian session has spiked growth across the board. The market capitalization has increased significantly to the current $185 billion while the 24-hour trading volume has grown from $44 billion on Monday to $51 billion at press time.
Bitcoin price update
Bitcoin extended the gains from the lows marginally above $5,200 (on Sunday) to consolidated briefly between $5,350 and $5,400 before the close of the session on Monday. On breaking above $5,400, the buyers’ confidence went up significantly as the price corrected past $5,500. BTC/USD traded new 2019 high at $5,632.52. There was a retracement that tested at $5,500 but another upside correction is aiming to break above $5,600 resistance.
Ethereum and Ripple price update
Like the majority of cryptocurrencies, Ethereum and Ripple corrected in tandem with Bitcoin surge. Ethereum made headway above the support at $170 towards $180. However, it formed a high at $177.67 before retracing to $176.68.
Ripple, on the other hand, defended the support at $0.3200 before extending the gains towards $0.33. A high was formed around $0.3291 before retreating to the current $0.3285. The trend is still strongly bullish and XRP could correct higher.
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