- Bitcoin price is pushing for recovery from the weekend dip to $8,600; all eyes on $9,000.
- Ethereum price steps above $200 but bulls fail to break the resistance at $205.
- Ripple pushed to the fourth position in the market after Tether strong-armed it from the third spot.
The cryptocurrency market is turning bullish during the European hours. The bullish momentum is led by Bitcoin’s 1.7% growth in value on the day. The main goal is to correct from the weekend dip that tested $8,600. Recovery has already made it above $8,800. The next hurdle is at $8,900, likely to function as the stepping stone to levels above $9,000. At the time of writing, Bitcoin is trading at $204.90.
Ethereum, on the other side, is trading 2.63% higher from $199.59 (opening value on Monday. There was a struggle at $200 but eventually a breakout towards $205 (current immediate resistance) occurred. Meanwhile, an intraday high was reached at $204.90, marking the end of the brief rally. For now, Ether is valued at $203.89 and facing a growing bearish trend and low volatility.
Ripple has lost its third spot in the cryptocurrency market to the largest stablecoin, Tether (USDT). XRP performance has not been impressive for a long time. Data by CoinMarketCap shows that Tether has a market cap of $8.8 billion compared to XRP’s $8.5 billion.
At the time of writing, XRP is trading at $0.1938 after adjusting from $0.1924 (opening value). This represents a subtle 0.82% growth on the day. The resistances at $0.1950 and $0.20 must come down in order to pave the way for more gains towards $0.30.
Market:
According to Glassnode, an on-chain market intelligence firm, says that there are over 40 million “Ethereum wallet addresses holding ETH.” The data shows an increase of over 350% from the time Ether hit the all-time high in the early days of 2018. Glassnode also found out that Bitcoin has three times more wallet address than Ethereum.
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
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.