Cryptocurrency Market Update: November lows blast Bitcoin towards $7,500, Ripple and Ethereum sluggish
|- Bitcoin investors finally get found by Santa as Bitcoin rockets from $6,500 to levels close to $7,500.
- Ethereum struggles to stay above $130 key support while Ripple gets accustomed to levels below $0.20.
Bitcoin could not afford to leave investors ungifted before Christmas. Santa had indeed lost his way to the crypto space, allowing Bitcoin to retest the lows traded in November. However, the recovery experienced remained unique to Bitcoin because other cryptoassets including Ethereum and Ripple were largely unchanged.
Meanwhile, the total market capitalization rose significantly from $177 billion posted at the close of the session on Tuesday to $193 billion at the time of writing. The trading volume shot up as well from $77 billion to $106 billion in the same period. Bitcoin market dominance seems to be picking up the pace once again, besides it stands at 68.2%. In other words, altcoins are losing ground against Bitcoin and this could mean that the much-anticipated altcoin season is just but a mirage.
Bitcoin market update
Although Bitcoin is trading 1.48% lower towards the end of the Asian session on Wednesday, the reaction from lows slightly above $6,500 was remarkable. Bitcoin broke several barriers in a very unexpected move that left most people surprised. The uptrend aimed for $7,500 but formed a high at $7,475 before adjusting to the current $7,169.
Moreover, the price is trading above the moving averages where the 50 SMA and the 100 SMA on the 4-hour chart are in line to provide support. Bitcoin upward correction also made it above the wedge pattern resistance, which further contributed to the momentum. In the meantime, the focus should stay at $8,000 while the bulls work hard to sustain the price above $7,000.
BTC/USD 4-hour chart
Ethereum and Ripple market update
Ethereum and Ripple gave a blind eye to Bitcoin’s impressive bullish reaction. Instead, the two cryptos are stuck close to their key support areas. For instance, Ethereum is trading 3% lower on the day at $129 while Ripple has shed 2.66% of its value to trade at $0.19098. The bearish trend coupled with the high volatility suggested that the downward momentum has the potential to continue.
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