Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple bulls attempt to breathe above water

The bloodbath in the cryptocurrency market is unlike any other drop seen in the history of the digital assets. The freefall may have been triggered by the Coronavirus, however, panic must have gripped the market with investors preferring to keep their money in other traditional assets or fiat. In the meantime, all we can report is the support shattering moves and the colossal value lost in less than 24 hours.

In the last two days, the total market capitalization has seen $118 billion wiped off. Besides, a $220 billion total crypto market share was posted on Thursday in comparison to the $118 billion at the time of writing. The selloff has, however, resulted in a surge in the trading volume from $131 billion on Thursday to $189 billion.

BTC/USD is attempting to reverse the downtrend, however, the high volatility means that patterns are erratic and price prediction even more difficult. At the time of writing Bitcoin price is trading at $5,174 following a 7% growth on the day. Despite the, minor recovery, the trend remains downwards. It is important that bulls fight to find support to avoid another dip to $3,886 (intraday low).

ETH/USD has tested the levels under $100 and reached a low of $89.64. Like Bitcoin, it is very difficult to forecast the price of Ethereum at the moment. It is dancing at $119 at the time of writing.

XRP/USD has also succumbed to the selling activities, exploring how deep the rabbit hole goes. Buyers seem to be pushing for recovery but selling pressure is still at peak. Ripple price is trading at $0.1400 at the time of writing.

Chart of the day: BTC/USD daily chart