Cryptocurrency Market Update: Bitcoin bulls remain relentless, Ethereum and Ripple in green

Bitcoin bulls are unwavering in their fight for recovery after a devastating drop that saw the cryptocurrency market, the stock market, oil and the futures markets around the world bleed profusely. In addition to that, this week started in shambles on Monday, ousting the calm and consolidation experienced in the cryptocurrency space over the weekend.

In the last 24 hours, the total market capitalization has grown slightly from $143 billion to $148 billion according to the data by CoinMarketCap. In the same period, the reported trading volume has surged from $117 billion to $150 billion. This means that interest has started growing across the market as digital assets find stability.

BTC/USD recovered from the dip under $5,000 on Monday to $5,426 (intraday high) on Tuesday. The price is dancing at $5,424, representing a 7.36% growth from $5,038 (day’s opening value). The resistance at $6,000 has been tested twice, making this level a critical one. To escape the bear trappings, BTC/USD must rise above the selling pressure in this zone and keep $7,000 psychological level in mind.

ETH/USD closed in on $100 once again on Monday. Its critical level remains at $99. However, recovery has been made to $121 (intraday high). Ethereum price is exchanging hands at $119 and holding onto 7.7% gains made on the day. Due to the high volatility, swings are expected either towards $130 or $110. It is vital to watch the technical levels in the coming sessions.

XRP/USD, on the other hand, has remained range-bound between $0.14 and $0.16. The range limit remains critical to upward movements. If cleared, Ripple could easily rise towards $0.20. However, the range support at $0.14 if broken could send XRP/USD spiraling under $0.10. Therefore, for now, XRP is safer in the range. Movements, above $0.16 would be positive for the digital asset in the coming days.

Chart of the day: BTC/USD 4-hour chart