Cryptocurrency market update: Market breaks above $170 billion- Bitcoin, Ripple and Ethereum in green

This week has been the most successful since the beginning of 2019. Although Bitcoin started the surge, other cryptocurrencies took up the momentum forming their unique recovery paths. Bitcoin Cash, for example, hit highs above $350 while Ethereum tested the levels close to $180.

Generally, the market has recorded incredible gains and for the first time in 2019 and recovered above $170 billion. In fact, at the moment the market cap stands at $175 billion. In spite of the surge in Bitcoin price, altcoins are still maintaining an edge ahead pushing BTC dominance to 50.2%.

Bitcoin price update

BTC/USD is in the green trending higher 1.87% on Friday. The price has managed to step above the 50 SMA 1-hour and extended gains above $5,000. BTC/USD is trading at $5,004 while supported by the rising trendline. As mentioned in an earlier published analysis, in case Bitcoin fails to extend gains above $5,000 and instead breaks down, $4,800 and $4,600 will come in handy to stop the declines before it is too late.

Ethereum price update

ETH/USD has extended gains above the support congestion zone at $160. The asset is valued at $165. The bulls are eyeing $170 in the short-term. The RSI has recovered above 50 and is ranging at 60. Similarly, the MACD is making good headway into the positive zone. Ethereum technical levels are positive and hinting more movement to the upside.

Ripple price update

XRP/USD, on the other hand, is trending higher than all the major cryptocurrencies. The crypto surged more than 11% today and brushed shoulders with $0.38. A downside correction took over and sent XRP to $0.366 (current price). However, the trend remains strongly bullish. It is clear that a correction past $0.37 will open the door for more gains that could eventually touch $0.4 in the coming sessions.