Cryptocurrency Market Update: Bitcoin consolidates the bounce to $9600
- Crypto bulls struggling with recovery, weekend love seems to fade?
- Ethereum outperforms the top 3 favorite crypto coins so far.
- Bitcoin remains trapped in a familiar range despite the bounce.
Top 3 coins’ price overview
- Bitcoin (BTC/USD) is steadily declining, although it ranges in a familiar band following Thursday’s rejection just shy of the 10k mark. So far this Saturday, the bulls are struggling to extend the recovery after Friday’s sharp correction to near 9120 region, now consolidating the recent uptick to 9591.87. The most dominant cryptocurrency was last seen trading around 9400, with a market capitalization of $172.97 billion. The halving process that took place this week had little to no impact on the coin.
- Ethereum (ETH/USD), with a current market capitalization of $22.22 billion, battles 200 mark, as the overnight recovery falters near the 202.50 region. The No. 2 coin awaits a fresh catalyst for the next move, as the bulls take a breather following the reversal from Friday’s sell-off. The spot hit a daily low of 193.23 in early trades, now adding over 2.50% on a daily basis and outperforming Bitcoin and Ripple.
- Ripple (XRP/USD) is trying hard to regain the 20 handle, attempting minor recoveries from the latest dip to 0.1984. The bulls lack vigor amid a broad consolidative mode seen across the crypto space. The No. 3 coin reversed half the Friday’s decline before losing the recovery momentum over the last hours. Despite the recent weakness, Ripple still trades with 0.80% gains. The coin is set to book about 10% weekly loss.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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