Cryptocurrency market update: Bitcoin lags as Ethereum and Ripple rise to 1-month highs


Share:
  • 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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP