Cryptocurrency Market Update: Ethereum outperforms amid broad-based buying spree
- Buying-wave sweeps across the crypto board on Saturday.
- Ethereum leads the advance among top 3 favorite crypto coins.
- Will the bulls extend control into Sunday after Friday’s decline?
Top 3 coins’ price overview
- Bitcoin (BTC/USD) resumes its upbeat momentum following Friday’s brief reversal on Friday, as the bulls look to test the $12,000 level. The most dominant digital coin benefits from a fresh buying-wave seen across the crypto space, backed by a technical breakout on the hourly chart. The No. 1 coin was last seen trading near $11,800, enjoying a market capitalization of $217.21 billion. Bitcoin is set to book about a 1.50% weekly rise.
- Ethereum (ETH/USD), the No. 2 most traded crypto coin, with a current market capitalization of $43.74 billion, has almost recovered 75% of Friday’s slide. Buyers return with pomp and show, as the price attempts another run towards the $400 mark. Ethereum outperforms its peers, Bitcoin and Ripple while gaining over 3.50% on a daily basis to trade around $393, at the time of writing.
- Ripple (XRP/USD) has jumped back on the bids this Saturday, looking to test the $0.30 barrier. The XRP bulls have staged a solid comeback from Friday’s steep drop to the 0.2790 region. The No. 3 coin extends its upside consolidation mode into the seventh day today, carving out a potential bull pennant on the daily chart. Therefore, the path of least resistance remains to the upside in the coming days. The coin is set to end the week with a whopping 12% gains.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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