Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple await a calm weekend session

  • Bitcoin price leads the market in consolidation after $7,000 became impenetrable.
  • Cardano ambitious project Ouroboros Hydra can support up to 1 million transactions per second.

The cryptocurrency market is sinking in the red waters once again after major coins; Bitcoin, Ethereum and Ripple failed to side above critical resistance levels at $7,000 $142 and $0.18 respectively. Monero (XMR), the biggest gainer in the last seven days has retreated by 3% on Friday. XMR/USD is up more than 18% in the last seven days compared to Bitcoin’s 6.29%.

The entire cryptocurrency market is relatively stable with the market cap growing by only $2 billion from $184 posted on Thursday to $186 billion. The stability is also reflected by the trading volume’s slight change from $122 billion to $12$ billion according to the data on CoinMarketCap.

Cardano new solution scaling surpasses Visa

Cardano (ADA) network, On March 25, released Ouroboros Hydra, a protocol that has been in development for more than five years. According to a press release sent to Cointelegraph, the new protocol massively increased scalability as well as latency for the blockchain while ensuring that the least storage on the network nodes is utilized.

IOHK, the firm behind the development of Cardano reckons that Ouroboros Hydra can scale to 1 million transactions per second. This level of scalability has not been achieved by any of the current generation of payment systems in the world. The release read in part:

“With 1000 heads the network could theoretically scale to a million transactions per second - comfortably in excess of current global payment systems such as VISA.”

Bitcoin, Ethereum and Ripple price update"

BTC/USD is dancing at $6,720 after suffering a minor 0.56% loss on the day. The setback is happening after $6,900 became impenetrable. Moreover, $7,000 remains at bay, leaving Bitcoin price vulnerable to losses that could retest support at $6,400 along the day.

ETH/USD has not managed to sustain gains above $142 for three days in a row. On the downside, the buyer congestion at $135 is intact and ready to stop any extended losses. For now, ETH/USD is trading at $137.92 amid a bearish trend and expanding volatility.

XRP/USD is the worst-hit among the top three with losses amounting to 1.72% on the day. There was an attempt to clear the resistance at $0.1800 but the momentum hit a wall at $0.1766. Buyers are working hard to stay above the new support at $0.1700 while keeping the focus on the psychological $0.2000.

Chart of the day: BTC/USD daily chart
BTC/USD price chart

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