Tanya Abrosimova
Independent Analyst
- Bitcoin bulls set eyes on a critical resistance of $9,000.
- Ethereum and Ripple consolidate earlier gains amid strong bullish market.
The cryptocurrency market is controlled by bulls. Despite the retreat from the recent highs, Bitcoin and all major altcoins are well-positioned for an extended recovery on a wave of speculative buying, intensified by FOMO (fear of missing out) phenomenon. The cryptocurrency market capitalization increased to $241 billion, while an average daily trading volume nearly doubled from this time on Tuesday and reached $176 billion. Bitcoin's market dominance has retreated to 65.8%.
Bitcoin (BTC) price update
The largest cryptocurrency by market capitalization hit the intraday high at $8,900 during early Asian hours and retreated to $8,757 by press time. The coin has gained over 2.5% on a day-to-day basis stayed unchanged since the beginning of Tuesday. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. The short-term trend remains bullish, however, the downside correction is possible as the coin is deeply overbought.
BTC/USD 1-hour chart
Ethereum (ETH) price update
Ethereum’s price action took it above $171.00 to an intraday high of $171.67. The strong bullish move was caused by a general recovery in the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $165.34, which is 9% higher from this time on Tuesday. From the short-term perspective, the coin is moving within a bearish trend amid shrinking volatility.
ETH/USD 1-hour chart
Ripple's XRP price update
Ripple jumped to $0.2427 and retreated to $0.2360 by press time. The third-largest digital asset has been gaining ground after the resistance of $0.2100 gave way. XRRP/USD has gained 6.5% since this time on Tuesday, moving in sync with the market. The short-term trend is bullish.
The best-performing altcoin out of top-20
- Bitcoin SV +70% ($376.50)
- Dash +45% ($121.42)
- Ethereum Classic +28% ($7.57)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.