Cryptocurrency market update: Crypto bulls breathe a sigh of relief

  • Bulls lick wounds after Bitcoin and other coins attempt recovery.
  • Bitcoin cash leads the corrective upside on Saturday.

Top 5 coins’ price overview

  • Bitcoin (BTC/USD) is seen trading up and down, locked in a tight trading range around 11,850 levels, with a break on upside eagerly anticipated, as indicated by the symmetrical triangle formation on the hourly chart. The prices eye a break above the 12k mark for a sustained move higher. The most widely traded cryptocurrency holds onto marginal gains over the last 24 hours, with its market capitalization standing at $ 211 billion.
  • Ethereum, the second-largest digital asset with the current market capitalization of $22.74 billion, extends its latest bounce above the 212 handle. The coin looks to revisit the daily tops of 214.63, having found some solid support near the 211 handle. ETC/USD exchanges hands at 212.27, up nearly 1% over the last 24 hours.
  • Ripple (XRP) is in the green zone for the first time in five trading sessions, extending the recovering from three-week lows of 0.2897. The cryptocurrency regained the 0.30 handle and currently trades near 0.3016 region. The recovery is likely to gather steam only above the 1.3090/95 levels (as explained here). The current market capitalization of the coin is seen at $12.93 billion.
  • Bitcoin Cash (BCH/USD) is seen consolidating the early bounce to near 325 region, currently parked around the 320 mark, as markets reassess the broader market sentiment following last week’s sell-off from monthly tops of 356.45. A sustained break above the 330 handle is needed to negate a dead cat bounce sentiment. The most widely traded cryptocurrency gained nearly 1.25% over the last 24 hours, with its market capitalization now at $ 5.73 billion.
  • Litecoin (LTC/USD): The fifth most widely traded cryptocurrency by market value is the main laggard amongst the heavily traded ones so far this Saturday. The bears now target a break below 80.00, still standing at a market capitalization of $ 5.36 billion.

Author: Dhwani Mehta

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