Cryptocurrency Market Update: Ethereum outperforms its main rivals on the road to recovery
- Crypto bulls trying hard to extend the recovery on Saturday.
- Bitcoin and Ethereum are poised for additional upside.
- Ripple is catching up with its peers, but still lagging.
Widely-traded coins’ price overview
- Bitcoin (BTC/USD) is on its way to conquer the 9700 mark, as the recovery from Friday’s drop is gaining traction gradually on Saturday. The bulls keep sight on 9746 following a symmetrical triangle breakout on a 15-minutes chart. The most dominant cryptocurrency was last seen trading around 9670, with a market capitalization of $178.23 billion. The rebound in Bitcoin is boding well for the underlying sentiment across the crypto space.
- Ethereum (ETH/USD), the No. 2 most traded digital asset, with a current market capitalization of $27.04 billion, rebounds 1% to trade around 242.50 region. The buyers remain hopeful amid a broad crypto market recovery, as the weekend love seems to seep in. The spot is back on the 240 handle and outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains.
- Ripple (XRP/USD) appears to lack a bullish follow-through and consolidates in familiar ranges just above the 20 handle. This could be likely due to stiff resistances aligned while it remains trapped within a potential symmetrical triangle on the hourly chart. The No. 3 coin is eyeing a bearish breakdown, with the target of 0.1945 in sight. The coin is set to book about a 1% weekly gain.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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