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

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price bound for another dip before 40% rebound

Ripple (XRP) price could not withstand the correction that has gone through the cryptocurrencies this week. Several significant cryptocurrencies and alt-currencies were on the downside, with prices retreating to fundamental support levels.

More Ripple news

Cardano Price Prediction: ADA bulls saved by historical $1.89 support level

Cardano (ADA) price has been on a downward trajectory since the beginning of this week after ADA twice broke a supporting ascending trend line. With those two supportive elements so close to each other, sellers had two excellent entries to play out their short positions.

More Cardano News

SafeMoon prices hints at bullish outlook with a 30% potential

SafeMoon price experienced a massive downswing over the past month and has finally revealed an optimistic outlook. This development could see SAFEMOON rally and set up a temporary swing high.

More SafeMoon News

Dogecoin among top choice for AMC crypto payments

AMC Theatres recently announced that the theatre chain would start accepting Bitcoin, Ethereum, Litecoin and Bitcoin Cash by the end of 2021.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP