Cryptocurrency Market Update: The tug of war begins as Bitcoin and altcoins consolidate
|- Bitcoin price support a $9,200 starts to waver as the bears increase their tug of war strength.
- Ripple bulls fight to defend $0.25 support and prevent a possible plunge towards $0.24 and $0.23 support areas.
The digital asset market is sending mostly bearish signals on the second day of trading this week. Bitcoin has slowed down the uptrend; so have the altcoins. Some of the previous biggest gainers such as IOTA, Bitcoin Gold and Ethereum Classic are correcting lower 0.82%, 3.78% and 0.58% in that order.
All of the top three cryptocurrencies Bitcoin, Ethereum and Ripple are struggling to shake off the bear pressure. Only selected cryptoassets are slightly in the green including Bitcoin Cash at 0.15% higher and NEO at 0.18 higher on the day.
The crypto market’s total cap has dropped by $3 billion from $261 billion on Mon day to $258 billion at the time of writing. CoinMarketCap data shows a total 24-hour trading volume of $103 billion. Bitcoin is still by far the largest crypto by market capitalization. It has a 65.3% dominance in the market after dropping significantly in January amid growth in the altcoin’s park.
Bitcoin price update
Bitcoin is struggling to hold the price above $9,200 and maintain the consolidation movements until a breakout is made possible. However, the bears are increasing the intensity of the tug of war, with their aim at $9,000. Upward corrections have become increasingly difficult especially after Bitcoin bulls failed to sustain gains above $9,600.
BTC/USD 4-hour chart
Ethereum market update
Ethereum's tug of war between the bulls and the bears is gaining traction fast. Will it be $200 or $170?. The price is teetering at $188 after adjusting from an intraday low of $187. The short term trend has a bullish bias but the shrinking volatility signals that upward movement could still be limited.
Ripple market update
Ripple price is the most bullish compared to Bitcoin and Ethereum. The bulls are working hard to correct the 1% loss suffered on Tuesday. Also, their main mission is to keep the price above $0.25. Previous attempts to correct above $0.26 have been futile. If the support at $0.25 gives in to the selling pressure, XRP could spiral to test support at $0.24 and $0.23, respectively.
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