Cryptocurrency market update: Fresh weekly losses as Bitcoin, Ethereum and Ripple re-test key support levels


  • Bitcoin is taking up the lion’s share of the market capitalization with a dominance of 70%.
  • Bitcoin upside will remain capped as long as the trading volumes continue to thin.
  • Ethereum and Ripple extend the mundane trading into the new week leaving support levels vulnerable to losses.

The cryptocurrency market has been performing relatively good in the past one. The positive price action occurred after Bitcoin managed to avert a potential slump below $9,000 by find support above $9,300. The entire crypto market capitalization reacted positively posting an impressive correction from values below $250 billion to highs above $278 billion.

Bitcoin is currently taking up the lion’s share of the market capitalization. Its dominance on the market has been growing steadily to hit levels above 70%.

Bitcoin market update

The price action over the last seven days has been particularly bullish. The most important being the ability of the price to stay above key levels. For instance, $10,200 came out as a critical support zone on Sunday following the rejection from highs around $10,960.

The data on CoinMarketCap shows Bitcoin dancing at $10,373 and dealing with a 1.66% loss in the last 24-hours. There has been a significant decrease in the exchange trading volume in the same one-week period. From highs of $19 billion to the current $13 billion. Interestingly, the market capitalization is relatively stable and holding between $185 billion and $190 billion.

More: Bitcoin price analysis: Weekend session fails to break $11k; BTC/USD defends $10,200 support

Ethereum and Ripple

As for Ethereum and Ripple, performance has been mundane in the last seven days. Critical levels remain unconquered which is putting undue pressure on vital support areas. For instance, the analysis I ran earlier today shows Ethereum’s inability to sustain gains above $180. Past support between $164 and $162 is still essential for the bulls as long as $200 is unconquered.

Ripple, on the other hand, continues with the mission to push for a return above $0.3. While few battles have been won, for example, defending $0.24 support zone and clearing the resistance around $0.26, the war is far from being won. Moreover, a clear indication will be to see the crypto above $0.28 decision level.

More: a)Ethereum marker update: ETH/USD breaking down below $180; 1.5% loss and counting

          b)Ripple market overview: XRP/USD upward action losing steam; bulls defend moving average support

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Chart Analysis: Symmetrical triangle breakout to power BTC/USD above $9700

BTC/USD has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels. 

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

ETH/USD may return to $220.00 before another strong rally

Ethereum tested $247.93 during early Asian hours and retreated to $247.70 by the time of writing.  The second-largest digital asset has gained about 1% of its value since the start of the day and stayed unchanged since the beginning of the day.

More Ethereum News

IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP