Cryptocurrency market update: Bulls focus on revenge as Bitcoin, Ethereum and Ripple clear key barriers
|- The market capitalization shrunk extensively from $291 billion on Monday to $260billion on Tuesday.
- Bitcoin targets $10,000 in the short-term after recovery from $9,000.
The crypto bulls are waking up once again after the battering they received from the bears yesterday. The market capitalization shrunk extensively from $291 on Monday to $260 on Tuesday. As cryptos across the board reverse the trend that has prevailed in the last couple of days, the market cap is also growing gradually.
Bitcoin market update
The largest cryptocurrency explored the levels close to $9,000 following the butchering of $10,500 and $10,000 key support levels. The expected support at $9,500 did little to stop the losses as the price dipped further towards $9,000.
At the moment, BTC/USD is trading at $9,758 after adding 3.57% to the value ton Wednesday afternoon (GMT) session. The target for the buyers in the short-term is to push Bitcoin above $10,000. A move that is meant to remove Bitcoin from the bear range and relaunch in a bullish path heading towards $11,000.
More: Bitcoin market update: BTC/USD revives the uptrend – Steps above $9,500
Ethereum market update
As for Ethereum, the much-needed recovery has come at the right time. After retesting $260 support in less than seven days, the sustain gains being witnessed above $200 confirm to the bulls that upward correction is achievable. At press time, ETH/USD is trading at $214 while leading the gains among the major coins correcting 8% higher on the day.
More: Ethereum market update: ETH/USD bears scatter on reclaiming $200 support
Ripple market update
The third-largest crypto XRP issued by Ripple a blockchain-based startup has come under heavy selling pressure in the last couple of weeks. The recent losses tested $0.28 support although XRP/USD has already recovered above $0.30. With gains above 6%, the price is dancing at $0.31. Further correction above $0.32 is needed to send XRP away from the bear range between $0.32 and $0.28.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.