Cryptocurrency market update: Bulls swinging into action, Bitcoin, Ripple and Ethereum in the green


  • Cryptocurrencies start week flexing their bullish muscles; there is enough room for growth.
  • Ripple leads the major cryptocurrencies in gains; bulls target $0.32.
  • Ethereum bulls are working hard to defend $180 support while the target of $200 remains intact.

The weekend session was slow and lethargic. Cryptocurrencies across the board pushed for consolidation at lower levels than the ones witnessed last week. However, the situation is slightly different on Monday at the beginning of the European session. The market is mostly in the green apart from selected crypto among the top 20 which still struggle with declines.

The entire cryptocurrency market capitalization continues to be depressed. In less than 24 hours $2 billion has been wiped off the market. The current capitalization at $225 billion trails Sunday’s $227 billion. However, the trading volume managed to increase from $46 billion to $49 billion in the same period.

The three major cryptocurrencies are slightly in the green led by Ripple which is flying the bullish flag with intraday gains in the excess of 2%. Bitcoin is pivotal at $8,300 as discussed earlier today. The largest cryptocurrency is up by a subtle 0.2% on the day. Ethereum, on the other hand, is holding ground above $182. Correction towards $200 failed to materialize last week giving way for fresh losses testing $180 support.

 

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