Cryptocurrency Market Update: Bitcoin jumps towards $8,500, Ethereum and Ripple remain bullish

The United States-Iran war has had everyone around the globe on edge. Some people worry that this could trigger world war three. On the other hand, the stock market in the US remains volatile amid fears that Iran could retaliate, causing mayhem.

The cryptocurrency market seems to be taking advantage of the situation between the US and Iran to forge ahead. Bitcoin mainly is presenting itself as a safe haven for investors, especially because it is decentralized and can function without censorship from any government. The rest of the cryptocurrency market is reacting in tandem with Bitcoin and there is a possibility that the bullish momentum will continue.

Bitcoin market update

Bitcoin has re-entered the $8,000 territory after a short consolidation between $7,800 and $8,000. The largest cryptocurrency had been in an upward trajectory since Friday last week. The bullish momentum on Monday gave the buyers confidence that $8,000 and beyond is possible. At present, BTC is trading 2.58% higher from $8,159 at the opening on Wednesday to $8,363. An intraday high formed at $8,464, leaving $8,500 untested, but the bullish trend hints a higher breakout in the near term.

Ethereum market update

Ethereum managed to defend the $142 support discussed on Tuesday. The bullish action targeted $150 but formed a high at $147.96. Ether is teetering at $145 after correcting a higher 1.63% on the day. The bulls must reclaim the position above $150 to ensure the focus remains on $200.

Ripple market update

Ripple, on the other hand, is trading $0.2146 following a subtle 0.45% growth on the day. The impressive gains on Monday failed to break the resistance at $0.23. However, the reversal that ensued encountered tremendous support above $0.21.