Cryptocurrency market update: Bitcoin, Ethereum and Ripple dump following a fake breakout

  • Top three cryptocurrencies Bitcoin, Ethereum and Ripple lead the market in retreat on Wednesday.
  • Bitcoin dominance continues to go down giving altcoins more room to breathe.

The cryptocurrency market has been bullish over the last 48 hours. The gains mainly linked to improving technical picture across the board was, however, unsustainable. Most analysts believe that because of the low volume the breakout on Monday and Tuesday could not be sustained. And this is the reason the market is sliding back in the red led by the top three cryptocurrencies, Bitcoin, Ethereum and Ripple.

Bitcoin market update

Bitcoin is down a subtle 0.6% on the day. This follows a sudden retreat from highs slightly above $8,500. The negative price action continued all through the Asian trading hours on Wednesday whereby BTC touched $8,228 (intraday low). A short-lived uptrend from the opening price at $8,321 hit a snag at 48,349 (intraday high).

Ethereum market update

The largest altcoin on the market is holding ground around $176. The buyers are trying to correct the negative movement posted on Wednesday. The prevailing trend is strongly bearish after ETH failed to jump above $180, a move that could have paved the way for a correction towards $200.

Ripple market update

On the other hand, Ripple is down 3.3% in the last 24 hours. The European session is suppressing the price even more. XRP/USD is trading at $0.2471 after adjusting from a rejected uptrend at $0.2495 on the day. The trend is bearish amid expanding volatility.

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