Cryptocurrency market update: Fresh weekly losses as Bitcoin, Ethereum and Ripple re-test key support levels
|- Bitcoin is taking up the lion’s share of the market capitalization with a dominance of 70%.
- Bitcoin upside will remain capped as long as the trading volumes continue to thin.
- Ethereum and Ripple extend the mundane trading into the new week leaving support levels vulnerable to losses.
The cryptocurrency market has been performing relatively good in the past one. The positive price action occurred after Bitcoin managed to avert a potential slump below $9,000 by find support above $9,300. The entire crypto market capitalization reacted positively posting an impressive correction from values below $250 billion to highs above $278 billion.
Bitcoin is currently taking up the lion’s share of the market capitalization. Its dominance on the market has been growing steadily to hit levels above 70%.
Bitcoin market update
The price action over the last seven days has been particularly bullish. The most important being the ability of the price to stay above key levels. For instance, $10,200 came out as a critical support zone on Sunday following the rejection from highs around $10,960.
The data on CoinMarketCap shows Bitcoin dancing at $10,373 and dealing with a 1.66% loss in the last 24-hours. There has been a significant decrease in the exchange trading volume in the same one-week period. From highs of $19 billion to the current $13 billion. Interestingly, the market capitalization is relatively stable and holding between $185 billion and $190 billion.
More: Bitcoin price analysis: Weekend session fails to break $11k; BTC/USD defends $10,200 support
Ethereum and Ripple
As for Ethereum and Ripple, performance has been mundane in the last seven days. Critical levels remain unconquered which is putting undue pressure on vital support areas. For instance, the analysis I ran earlier today shows Ethereum’s inability to sustain gains above $180. Past support between $164 and $162 is still essential for the bulls as long as $200 is unconquered.
Ripple, on the other hand, continues with the mission to push for a return above $0.3. While few battles have been won, for example, defending $0.24 support zone and clearing the resistance around $0.26, the war is far from being won. Moreover, a clear indication will be to see the crypto above $0.28 decision level.
More: a). Ethereum marker update: ETH/USD breaking down below $180; 1.5% loss and counting
b). Ripple market overview: XRP/USD upward action losing steam; bulls defend moving average support
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