Cryptocurrency market update: Selling wave returns, Santa rally still on sight?
- No relief for the crypto markets, as sellers return on Saturday.
- Ethereum – the main laggard amongst the top three dominant cryptocurrencies.
Top 3 coins’ price overview
- Bitcoin (BTC/USD) resumes its recent downtrend and trades below the 7,200 following a rising wedge breakdown on the hourly chart. Any upside attempts could be sold-off near 7,265 supply zone, as bears keep their eye set on sub-7,100 levels. The most widely traded cryptocurrency is down 0.85% on daily basis, with its market capitalization shrinking to $ 130.73 billion.
- Ethereum (ETH/USD), the second largest digital asset, with the current market capitalization of $15.65 billion, holds the lower ground near $ 143 handle, having hit two-day lows of 142.76 over the last hour. The sellers continue to dominate, as the coin is on track to book a 4% weekly loss. So far this month, the No. 2 coin has traversed in a $ 15 range, lacking a clear directional bias.
- Ripple (XRP/USD) feels the pull of gravity in tandem with its crypto peers this Saturday. The recovery attempts seen earlier on the day failed to sustain above the 0.2200 level, as the price came stumbling down to now trade near daily lows of 0.2182. The No. 3 coin trades in a narrow range but risks further falls should it breach Friday’s low at 0.2153. Ripple is seen over 1% lower on the day, enjoying a market capitalization of $9.50 billion.
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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