Cryptocurrency market update: Bulls return as Bitcoin, Ripple and Ethereum spike massively
- Bitcoin resumes the uptrend towards $3,500.
- Ethereum defends key support, adds 3% on the day.
- Ripple is the biggest single-digit gainer.
The cryptocurrency market is current seeing an influx of the bulls. The gains come after at least 48 hours of declines. The market slumped massive on Monday where $7 billion was wiped off in a matter of hours.
Bitcoin plunged breaking below the support at $3,500 and formed new January 2019 lows at $3,340. Ripple dived as well below its support at $0.31 and refreshed lows marginally above $0.28. Ethereum, on the other hand, deflated dropping below the support at $120 and the one at $110.
However, the market is in the green at press time. Bitcoin is up 1.33% on the day after breaking above $3,400. The market leader is trading at $3,437. Ripple is also on an upward trajectory with gains in the excess of 8% while changing hands at $0.3122. The third largest crypto project, Ethereum has corrected higher 3% on the day. It is trading at $107 after correcting from the lows slightly above the support at $100.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
