Cryptocurrency Market Update: Bitcoin stuck under $7,000; Ethereum and Ripple stable

The cryptocurrency market has been relatively stable in the last 24 hours. The total market capitalization according to CoinMarketCap stands at $185 billion up from $183 billion recorded on Tuesday. On the other hand, the trading volume has lost some ground from $155 billion to $141 billion in the same period. Bitcoin dominance appears to be losing ground from the 65.7% reported on Tuesday to 65.6%.

Bitcoin Price Predictions

The CEO of Binance, Changpeng Zhao, otherwise known as CZ in a tweet published on Wednesday said that Bitcoin could modestly attain a market cap of $2 trillion as long as the central banks around the world continue with the printing of money. The Coronavirus pandemic has brought many sectors around the world to a standstill.

Countries are facing economic recessions that could be disastrous compared to 2007/2008. In a bid to avert economic downfall central banks have resorted to cutting interest rates to zero and printing money. According to CZ most of the money printed could end up into Bitcoin growing its market cap and equally raising BTC price to $100,000.

Bitcoin, Ethereum and Ripple market update

BTC/USD is trading at $6,682 after adjusting from $6,768 (intraday high). It has suffered a 1.38% loss in the day. Bitcoin price is capitalizing on the support at $6,500 but the resistance at $6,800 and $7,000 continues to cap bullish movements.

ETH/USD is trading 0.74% lower on the day following a bearish adjustment from $139.00 (opening value). As long as Ethereum stays under $140, risk of falling back to $120 support will remain high. For now, support areas at $135 and $130 are in place to cushion Ether from acute declines.

XRP/USD is also struggling to shake off the selling pressure in order to sustain gains towards $0.20. The price is, however, stable above $0.16. As long as $0.16 support holds, buyers will take time to gather the strength to attack $0.1750 resistance and sail towards $0.20.

Chart of the day: BTC/USD daily chart