- Bitcoin defends $10,000 vital support area but fails to make headway towards $11,000.
- Ethereum and Ripple outperform their peers after rising above key resistances at $200 and $0.30 respectively.
- There is still room for growth as altcoins forge try to curve their path away from Bitcoin.
Bitcoin is for the first time this year trailing the altcoins in performance. The correction in the last 24 hours clearly shows Bitcoin’s inability to shake off the grappling bear pressure and make a leg up. In fact, investors and analysts are wondering if this is the beginning of the ‘alt season.’ The ‘alt season’ refers to a period in the cryptocurrency market where other coins like Ripple and Ethereum make headway regardless of Bitcoin’s performance.
Bitcoin price update
Bitcoin’s trading in the last few days has been mostly mundane. The failure to break the resistance at $10,400 has, in fact, rendered the bulls powerless. The joystick is currently in the hands of the sellers. However, the price has miraculously sustained above the vital $10,000 level.
Over the last 24 hours, Bitcoin recorded an exchange trading volume of $15 billion according to the data by CoinMarketCap. Its market cap stands at $184 billion at the time of press; representing a 67.9% dominance on the market. This is a significant drop from highs above 71% seen a week ago.
Ethereum price update
After a series of knockings on $200, the largest altcoin in the market made it through. The correction past the key resistance comes after a paralyzing struggle to get rid of the bear pressure in the range between $180-190. The intraday rates table shows ETH having corrected higher 2.11% on Wednesday. Ethereum extended the bullish activity during the Asian trading hours to $213 before adjusting to the current market value of $212. The prevailing trend is bull, therefore, we expect some more activity towards $220 along the day.
Ripple price update
Ripple has for a while been locked below the key resistance at $0.28. On the downside, the third-largest crypto on the market majestically defended the support at $0.24. The performance of XRP in the last few days is proof that recovery is still possible. Ripple has not only broken above the resistance at $0.28 and $0.30 respectively, but it has also ascended to highs around $0.3127. The price action during the Asian hours has seen it rise a whopping 7% increase in value on the day.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.