- 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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins
The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause
Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices.
Stablecoin regulatory bill receives green light during Banking Committee hearing
The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.