The Cryptocurrency Market Update: The calm Sunday upon as Bitcoin price settles above $5,000


  • IOTA is the most improved cryptocurrency with a 20% growth in the last 24 hours.
  • The top three cryptocurrencies; Bitcoin, Ethereum and Ripple exhibit stability on Sunday following a gruesome week.

The cryptocurrency market appears to be stable on Sunday after a bearish Saturday. Price action is almost non-existent among the top three: Bitcoin, Ethereum and Ripple. BTC bulls have managed to sustain the price above $5,000 following the recovery from the lows traded on Friday around $3,864. The rest of the cryptocurrency market is in the green apart from selected cryptoassets such as Iota and Monero.

BTC/USD is trading at $5,224 following a subtle 1.13% growth on the day. An attempt to break the resistance at $6,000 failed on Saturday and bulls are choosing to stay safe by defending the support at $5,000. Bitcoin remains relatively bearish but the low volatility means that movements are unlikely to be rapid.

ETH/USD is slightly in the red after losing 0.67% of its value on the day. As discussed in the price analysis on Saturday, the selling pressure at $135 is a hard nut to crack. For now, the buyers are concentrating on defending the support at $120. Ethereum is trading at $120 amid a building bearish momentum. If support at $120 holds, the buyers will have the chance to focus on higher levels at $130, $135 and $140.

XRP/USD is in the green on the day. Ripple has been mostly stable after recovering from the recent dip to that tested $0.10. However, the recovery has been limited under $0.16 even with a 1.7% growth in the day. At the moment, XRP is trading at $0.1485 at the time of writing after adjusting from $0.1525 (intraday high).

The most improved cryptocurrency in the last 24 hours is IOTA. It holds the 24th position on the market with a market cap of $407 billion. IOTA/USD is up 20% to trade at $0.1467.

Chart of the day: BTC/USD 1-hour chart

BTC/USD price chart

 

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