Cryptocurrency Market Update: Top 3 coins Bitcoin, Ethereum and Ripple send red signals

  • China could soon face out the cash systems with the launch of the sovereign digital currency.
  • Tom Lee believes the recent rally is evidence of better dynamics for cryptos in 2020.
  • Bitcoin struggles to hold above $8,600 while Ethereum barely sits above the $160 key support.

The crypto market has been extremely eventful this week. The massive recovery saw bulls storm the market in large numbers. Some cryptocurrencies such as Bitcoin SV, Dash and Bitcoin Cash were like Usain Bolt on steroids. Generally, the majority of the digital assets recorded incredible gains are now trading at levels higher than those at the beginning of the year.

China nears the launch of the PBOC-backed digital currency

China has been researching, developing and testing the soon to launch sovereign digital currency for the last five years. Officials from the People’s Bank of China reported that the process is almost done and the launch is nearing. The release of the digital currency will see China attempt to transform from a cash system to a digital monetary system over time. However, the system will not be used to disrupt the existing system but face it out with time.

Read moreChina’s PBOC completes the testing of its digital currency: The launch is nigh

Bitcoin price update

Bitcoin is trading 1.64% lower on Thursday during the European session. The crypto engaged reverse gears after the throttle reached its limit short of $9,000. The correction from the recent high around $8,900 has seen the price struggle to hold above $8,600. Besides, BTC has traded an intraday low of $8,580. Further losses are possible based on the high volatility and strong bearish trend.

Bitcoin set for a bigger rally

According to Tom Lee, the founder of Fundstrat, Bitcoin rally in January has brought the digital asset back to the active trading phase. He says that better dynamics in 2020 will set the ball rolling north not just for Bitcoin but for cryptos in general.

Ethereum price update

Ethereum is also dealing with increased selling activity following the bullish wave on Tuesday. The crypto touched $170 to the upside but lost momentum, resulting in the ongoing retreat. Ether is down 2.73% on the day while the trend remains bearish and the volatility higher. If the support at $160 fails to hold, movement targeting $150 is likely.

Ripple price update

On the other hand, the third-largest crypto is likely to be overwhelmed by the growing selling activity. The sell-off commenced after the recent surge stopped at $0.2444. XRP has lost 2.82% of its value on Thursday and could break the support at $0.23 if a reversal above $0.24 fails in the near term.



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 regains safe-haven status, moves in sync with gold amid coronavirus scare

Bitcoin (BTC) resumed the upside after a short-lived consolidation period. The first digital currency has gained over 3% of its value in recent 24 hours to trade at $8,620 at the time of writing.

More Bitcoin News

Bitcoin Gold jumped by 30% amid the news of 51% attack

Bitcoin Gold (BTG), now the 35th digital asset with the market value of $200 million, has gained over 14% in the recent 24 hours to trade at $11.82 at the time of writing. 

More Bitcoin Gold News

Ethereum Classic defies gravity with 17% growth

Ethereum Classic, the 11th largest digital asset with the current market capitalization of $1.18 billion, has gained over 14% in the recent 24 hours to trade at $10.17, off the intraday high hit at $10.32. ETC/USD is one of the best-performing assets.

More Ethereum Classic News

Ripple's report reveals a real use case for XRP and other mathor cryptocurrencies

Ripple's XRP, the third-largest digital asset with the current market value of $10 billion, is changing hands at $0.2284, down from the intraday high of $0.2334. XRP/USD has gained over 3.5% in recent 24 hours in line with the global sentiments improvement.

More Ripple News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast