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The decline of the cryptocurrency market has continued today; however, there are some exceptions. Mainly, Bitcoin (BTC) is the only rising coin in the top 10 list.
BTC/USD
While the rates of other coins are going down, Bitcoin (BTC) is going up by 1.39%.
Bitcoin (BTC) has made a false breakout of the level at $29,296 formed in July 2021. Until the rate is above it, there is a chance to see a bounceback. Thus, the growth has been supported by high trading volume, which confirms buyers' power. In this case, a short-term rise may continue to the zone around $34,000.
Bitcoin is trading at $31,534 at press time.
ETH/USD
The rate of Ethereum (ETH) is almost unchanged since yesterday. The price has dropped by only 0.63%.
Ethereum (ETH) is trading similarly to Bitcoin (BTC) as it has also made a false breakout of the level of $2,160. If bulls can hold the rate above $2,200, the correction may continue to the test of the $2,500 mark. Such a scenario is relevant until the end of the current week.
Ethereum is trading at $2,283 at press time.
XRP/USD
XRP could not withstand the market pressure, facing a sharp drop of 12% since yesterday.
XRP has found support at the $0.40 mark today. Even though bulls are not ready to return the rate to the bullish trend, there is a high possbility to see a correction to the zone around $0.50 within the next few days.
XRP is trading at $0.4513 at press time.
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin