- Bitcoin defends $8,000 support following a break under $8,200.
- Ethereum risks dropping under $170 amidst general bearish momentum.
- Ripple bullish flex muscles with subtle gains but the trend remains bearish.
The crypto market on Friday towards the end of the Asian trading session is strongly bearish except for a few selected digital assets that are defiant. For instance, Monero (XMR) is trading 1.5% higher on the day while most of the digital assets struggle to detangle from the selling pressure. Ripple is also slightly in the green with gains above 0.80% on the day.
A report by Forbes Digital Assets found that Friday’s are the most volatile days in the cryptocurrency market. At the same time, Saturdays are the least volatile days. On the other hand, Mondays are usually characterized by slow movement.
Bitcoin market update
Bitcoin’s dominance in the market has continued to thin over the last couple of weeks. The largest crypto’s dominance on the market currently stands at 67.5%. It has a market cap of $147 billion and a 24-hour trading volume of $13 billion. BTC's last price is $8,115 spotting a relative change of -112 and a percentage change of -1.35% on the day. Bitcoin minor bullish action has hit $8,231 while the downside action has tested $8,081. The prevailing trend is strongly bearish.
Ethereum market update
Ethereum is changing hands at $173 following a subtle 0.78% lower correction on Friday. The digital asset opened the session at $175.25 and has hit an intraday high and an intraday low of $175.32 and $172.48 respectively. The trend at the moment is bearish amid shrinking volatility.
Ripple market update
Ripple is flexing bullish muscles among the top ten digital assets. It has gained a subtle 0.76% on Friday to trade at $0.2491 from an opening price of $0.2474. The price has touched highs on the day at $0.2500 and lows of $0.2455. The bearish power impacting on Ethereum and Bitcoin is leaving no stone unturned and pressing down on XRP. The prevailing trend bearish.
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
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.