The Cryptocurrency Market Update: The calm Sunday upon as Bitcoin price settles above $5,000
|- IOTA is the most improved cryptocurrency with a 20% growth in the last 24 hours.
- The top three cryptocurrencies; Bitcoin, Ethereum and Ripple exhibit stability on Sunday following a gruesome week.
The cryptocurrency market appears to be stable on Sunday after a bearish Saturday. Price action is almost non-existent among the top three: Bitcoin, Ethereum and Ripple. BTC bulls have managed to sustain the price above $5,000 following the recovery from the lows traded on Friday around $3,864. The rest of the cryptocurrency market is in the green apart from selected cryptoassets such as Iota and Monero.
BTC/USD is trading at $5,224 following a subtle 1.13% growth on the day. An attempt to break the resistance at $6,000 failed on Saturday and bulls are choosing to stay safe by defending the support at $5,000. Bitcoin remains relatively bearish but the low volatility means that movements are unlikely to be rapid.
ETH/USD is slightly in the red after losing 0.67% of its value on the day. As discussed in the price analysis on Saturday, the selling pressure at $135 is a hard nut to crack. For now, the buyers are concentrating on defending the support at $120. Ethereum is trading at $120 amid a building bearish momentum. If support at $120 holds, the buyers will have the chance to focus on higher levels at $130, $135 and $140.
XRP/USD is in the green on the day. Ripple has been mostly stable after recovering from the recent dip to that tested $0.10. However, the recovery has been limited under $0.16 even with a 1.7% growth in the day. At the moment, XRP is trading at $0.1485 at the time of writing after adjusting from $0.1525 (intraday high).
The most improved cryptocurrency in the last 24 hours is IOTA. It holds the 24th position on the market with a market cap of $407 billion. IOTA/USD is up 20% to trade at $0.1467.
Chart of the day: BTC/USD 1-hour chart
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.