Cryptocurrency market update: Bitcoin lags as Ethereum and Ripple rise to 1-month highs
|- Bitcoin defends $10,000 vital support area but fails to make headway towards $11,000.
- Ethereum and Ripple outperform their peers after rising above key resistances at $200 and $0.30 respectively.
- There is still room for growth as altcoins forge try to curve their path away from Bitcoin.
Bitcoin is for the first time this year trailing the altcoins in performance. The correction in the last 24 hours clearly shows Bitcoin’s inability to shake off the grappling bear pressure and make a leg up. In fact, investors and analysts are wondering if this is the beginning of the ‘alt season.’ The ‘alt season’ refers to a period in the cryptocurrency market where other coins like Ripple and Ethereum make headway regardless of Bitcoin’s performance.
Bitcoin price update
Bitcoin’s trading in the last few days has been mostly mundane. The failure to break the resistance at $10,400 has, in fact, rendered the bulls powerless. The joystick is currently in the hands of the sellers. However, the price has miraculously sustained above the vital $10,000 level.
Over the last 24 hours, Bitcoin recorded an exchange trading volume of $15 billion according to the data by CoinMarketCap. Its market cap stands at $184 billion at the time of press; representing a 67.9% dominance on the market. This is a significant drop from highs above 71% seen a week ago.
Ethereum price update
After a series of knockings on $200, the largest altcoin in the market made it through. The correction past the key resistance comes after a paralyzing struggle to get rid of the bear pressure in the range between $180-190. The intraday rates table shows ETH having corrected higher 2.11% on Wednesday. Ethereum extended the bullish activity during the Asian trading hours to $213 before adjusting to the current market value of $212. The prevailing trend is bull, therefore, we expect some more activity towards $220 along the day.
Ripple price update
Ripple has for a while been locked below the key resistance at $0.28. On the downside, the third-largest crypto on the market majestically defended the support at $0.24. The performance of XRP in the last few days is proof that recovery is still possible. Ripple has not only broken above the resistance at $0.28 and $0.30 respectively, but it has also ascended to highs around $0.3127. The price action during the Asian hours has seen it rise a whopping 7% increase in value on the day.
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