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.

John Isige FXStreet

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

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