Cryptocurrency market update: Bitcoin skyrockets to $10,400 in minutes - Ethereum and Ripple react

Bitcoin rollercoaster rides have been frequent and very unpredictable. The price ground closer to $10,000 but slumped back under $9,500 as reported by FXStreet. While most experts saw $9,000 bring the next stop for Bitcoin, the largest crypto has pulled a fast one on evert by skyrocketing above $10,000.

At press time BTC/USD is trading above the 50 Simple Moving Average and is valued at $10,428. If the technical remain intact, BTC/USD could easily touch $10,500 before any retracement occurs. For now, the biggest task for the bulls is to ensure that Bitcoin stays above $10,000 and grinds closer to $11,000.

Ethereum, on the other hand, has corrected higher breaking above $220 and $225 hurdles respectively. As reported by FXStreet the recovery from the support at $190 had failed to make headway above $220. At the time of press, Ethereum is trading at $222 after adding 5.12% to its valued on the day. Ethereum is the second largest crypto with a market capitalization of $23 billion and a 24-h trading volume that stands at $9.5 billion.

Ripple is also moving higher following the break above $0.30 hurdle. The momentum mainly fueled by Bitcoin has pushed XRP past $0.32. The 3.5% gains on the day could increase as the traders eye $0.33 in the short-term. XRP is currently the world’s third largest crypto with a market cap of $13.7 billion. The 24-h trading volume currently stands at $2.3 billion.