- The majority of the digital assets are currently navigating a deep sea of red.
- Bitcoin must push for gains above $5,500 for a continued correction towards the 2019 highs.
The cryptocurrency market is red everywhere on Wednesday 24 following the massive return of the bears. The majority of the digital assets are currently navigating a deep sea of red. All the top ten digital assets led by Ripple rare showing declines between 1% and 8%. Ripple is leading from behind having lost 7.71% of its value. It is followed closely by Ethereum classic ay -6.66% and Bitcoin Gold with declines of 5.21%.
Bitcoin price overview
Bitcoin rose massively yesterday ignoring the widespread consolidation forces on the market to trade above $5,600. The largest asset extended the gains to form new 2019 highs before correcting lower. The retracement has seen it lose 1.2% of its value on the day to trade at $5,467. A look at the chart shows BTC/USD having found support at $5,426 a move that has given way to a developing bullish momentum likely to correct above $5,500 in the short-term. Bitcoin is trading below the 100 SMA while indicators applied on the chart show the price having a bearish bias. Bitcoin must push for gains above $5,500 for a continued correction towards the 2019 highs around $5,632.
BTC/USD 15-minutes chart
Ethereum and Ripple price update
The second and third largest cryptocurrencies have not been spared, in fact, they continue to trim gains below key support areas. Ethereum for example is down 3.09% on the day after trading highs around $171.02. The asset is currently changing hands at $164 amid a growing bearish momentum.
Ripple, on the other hand, is the worst hit among the major coins with losses of more than 7%. XRP/USD has slumped from an intraday of $0.3220 to trade a low at 40.2932, although it has recovered slightly to $0.2981. The prevailing trend is strongly bearish, however, a correction above $0.3000 will allow the buyers to gain confidence and push XRP higher.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethena plans to leverage USDe to integrate DeFi, CeFi and traditional finance
Ethena (ENA), a protocol developed on the Ethereum blockchain offering a synthetic stablecoin (USDe) that operates across various DeFi applications, announced on Friday that itsUSDe will integrate DeFi, CeFi and traditional finance as part of its 2024 roadmap.
XRP hovers above $0.50 as Ripple joins alliance to simplify recovery of digital assets
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Toncoin price surges as Notcoin gains attention across the crypto community
TON saw a brief rally on Thursday following a recent announcement that Binance and OKX will launch Notcoin (NOT) as the newest token on the Binance launchpool and the OKX Jumpstart.
AI crypto coins rally ahead of ChatGPT creator OpenAI plans to announce Google search competitor on Monday
Barely before the hype around NVIDIA stock gain is over, AI crypto tokens have another bullish catalyst coming their way, which could provide more tailwinds to drive the price of the sector’s tokens.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.