Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple succumb to a massive weekend selloff


  • Bitcoin, Ethereum and Ripple lead the entire crypto market to record the most devastating losses in March.
  • Bitcoin price holds ground above $8,000 as Ethereum and Ripple try to force a recovery above primary support zones.

All the top three cryptocurrencies; Bitcoin, Ethereum and Ripple were put to their ultimate test following the bearish wave that swept across the cryptocurrency market. The entire market reacted in tandem with the major cryptos, posting massive losses as well.

At the time of writing, the intraday charts show buyers trying to find balance after the gruesome weekend session. The market is a mixture of red and green signals, however, most digital assets are holding the ground closer to their primary support areas.

BTC/USD, for instance, is holding marginally above $8,000 after plunging from highs close to $9,000 on Sunday. Bitcoin price recovery on Monday lost steam at $8,183, leaving the key $8,200 untested. The prevailing trend is bearish while the volatility is high, which means that the sellers are in the driver’s seat. It is essential that $8,000 continues to hold as support while the bulls plot the next move towards $9,000.

Read more: Bitcoin Price Analysis: Turmoil as BTC/USD crash almost hits $8,000

ETH/USD was not spared by the furious bearish wave on Sunday. The cryptocurrency was forced beneath several support zones including $220 and $200. Primary support at $200 came in handy, stopping the losses. At the time of writing, ETH/USD is trading at $201. The bullish trend and high volatility signal that a recovery is in the offing.

XRP/USD dive over the weekend erased most of the progress that had been made in both January and February. The cryptoasset's losses stopped within a whisker of $0.20. However, recovery is underway with Ripple price teetering at $0.2086. XRP/USD is the most improved among the top after posting over 2% in gains on the day.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP