Cryptocurrency market update: Bulls scatter as Bitcoin, Ethereum and Ripple chop the gains
|- Crypto market is valued at $178 billion and supported by a daily trading volume of $55 billion.
- Bitcoin risks sliding below $5,200 support as Ethereum and Ripple stay above key support levels.
The market is back in the red following a week of incredible gains. Bitcoin, Ethereum and Ripple are leading from behind with declines of 1.67%, 2.43% and 2.26% in that order on Tuesday. The surging crypto prices had a ripple effect on the total market capitalization and the daily trading volume. The market cap corrected above $180 billion before settling slightly below the same level. At present, the crypto market is valued at $178 billion and supported by a daily trading volume of $55 billion.
Bitcoin price overview
As mentioned Bitcoin is back in the red just a day after it retested the resistance congestion at $5,343. The gains over the weekend placed BTC/USD in an upward trajectory that broke above $5,200. The price brushed shoulders with $5,300 before the trend reversed. At present, Bitcoin is trading at $5,208 while battling to stay above the support at $5,200. Indicators point towards sideways trading in the coming sessions.
Ethereum price overview
Ethereum, on the other hand, it has slipped below $180 and is dancing at $177. The digital asset’s value corrected higher yesterday but the trend lost steam at $187. ETH/USD is likely to find support at $175.00.
Ripple price overview
Ripple is trading at $0.3533 after failing to break above $0.3800 even after second assault yesterday. In spite of the correction the bulls appear to have enough strength to prevent declines below $0.3500. Ripple is expected to trend sideways between $0.3500 and $0.3700 in the coming sessions.
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