Cryptocurrency market update: Cryptos slide back in the red- Bitcoin, Ethereum and Ripple hang in the balance
|- The holiday mood seems to have taken a toll on the market as it is painted red everywhere.
- Bitcoin defends $5,200 support following rejection at $5,300.
- Ripple and Ethereum hold tight to key support levels as bears take advantage of Easter Holiday.
The crypto market is strongly bearish in the morning of Good Friday. The holiday mood seems to have taken a toll on the market as traders take a minute to relax after four months of trading in 2019. The total market capitalization is currently sliding lower from the weekly high at $180 billion recorded on Thursday 18. The market cap stands at $178 billion with Bitcoin taking up the bigger chunk at $92 billion. Bitcoin dominance on the market is rising, besides it stands at $52% at press time.
Bitcoin price update
Bitcoin has throughout this week, been trending upwards within a rising channel. The bulls keep pushing the limits on the upside, although it has been capped slightly past $5,300. An attempt to make headway above this level was futile moments before the end of Thursday’s session. A lower correction tanked below 50 SMA but the support at $5,200 is still in place. BTC/USD is trading at $5,231 while facing resistance at the 50 SMA.
Ethereum and Ripple price update
Both Ripple and Ethereum are in the red at press time. Ethereum is down 1.85% to trade at $171.40 while Ripple is in the red with losses of 2.18% and changing hands at $0.3306. Both the assets are hanging in the balance slightly above key support areas. Ethereum, for example is right in the middle of the bullish zone we explored in the price prediction on Thursday. Ripple, on the other hand, is barely holding on to the resistance turned support at $0.3300. The rest of the top twenty cryptocurrencies are in the red with losses between 0.5% and 3%.
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