Cryptocurrency market update: Bitcoin, Ethereum and Ripple post shallow gains


  • Shallow gains are seen across the board led by Bitcoin Gold (BTG).
  • Ripple continues to flex the muscles following the devastating declines.
  • Bitcoin recovered from $11,200 support but the upside is capped under $11,800.

The cryptocurrency market capitalization has remained unchanged since yesterday at $318 billion despite the slight correction seen across the board on Friday. Looking at the intraday charts, most of the top twenty digital assets are in the green led by led by Bitcoin Gold (BTG) which is up 6%. Ripple continues to flex the muscles following the devastating declines on Wednesday and Thursday with over 4% gains while EOS, NEO and Dash all record gains above 3%.

Bitcoin market update

The largest cryptocurrency by market capitalization bled profusely from weekly highs above $13,000 to the support established at $11,200. The losses came as a result of the comments made by the FED’s chair Jerome Powell on Facebook’s Libra cryptocurrency. Bitcoin has since recovered from the support but the upside is capped under $11,800. Meanwhile, BTC/USD is trading at $11,701 after gaining 3% in value.

Ethereum market update

Ethereum, on the other hand, explored the levels close to $260 during the widespread declines. The massive dive trim trimmed gains from levels above $300 after Ethereum had tested $320 hurdle. A rebound occurred with Ethereum initially stepping above $270 before hitting pause at $276. At press, time ETH/USD is trading at $274 following a 2.34% correction on the day.

Ripple market update

The third largest cryptocurrency was also among the worst hit digital assets in the recent bearish phase. Prior to the declines, XRP was strongly supported at $0.39 although the upside was locked under $0.41. The losses had the price descend to lows around $0.32 before the shallow recovery occurred. At present, XRP/USD is exchanging hands at $0.3436 after adding 4.55% on to its market value on the day.

 

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