Cryptocurrency Market Update: Bitcoin bulls claw back ground above $7,200, altcoins follow the lead

• Bitcoin needs to confirm its safe-haven status.
• BTC/USD recovery may gain traction if the move above $7,200 is sustained.

The head of Asian business at the cryptocurrency platform Luno, Vijay Ayyar, believes that the next months are going to be interesting for Bitcoin and cryptocurrency market as a whole. First of all, we should pay attention to Bitcoin's correlation to gold as it is a key factor that will help to add value to the safe haven narrative for Bitcoin.

From the long-term point of view, the current situation may have profound consequences for cryptocurrencies however, they will play out within the next few years. Vijay Ayyar believes that the lack of yield in other asset classes may attract institutional investors' cryptocurrencies and Bitcoin in particular.

Top-3 coins overview

BTC/USD used daily SMA50 as a jumping-off ground and moved above $7,200. If it manages to hold the ground, the upside momentum may gain traction with the next focus on $7.500. BTC/USD is mostly unchanged since the beginning of Thursday and 1.5% higher in the recent 24 hours. Bitcoin's market capitalization reached $130 billion, which is 63.4% of the total market of digital assets.

ETH/USD tested area above $187.00 amid the recovery attempt on the cryptocurrency market. At the time of writing, the coin is trading at $184.20, moving within a short-term bullish trend amid low volatility; A sustainable move above psychological $190.00 is needed for the upside to gain traction with the next focus on $200.00.

XRP/USD attempts to break above the upper range of the recent consolidation channel $0.1800-$0.1900. The coin is moving within the short-term bullish trend in sync with the market. From the long-term perspective, the critical resistance is created by $0.2000, while the support is seen at $0.1700 (23.6% Fibo retracement)