Bitcoin fell below $19,000 in a recent plunge, but slowly recovered. Following its yesterday’s 6% gain, this action was taken. Ripple coin (XRP), however, seems to be one of the most notable digital tokens that are part of the bullish trend.
Due to crypto winter, investors suffered huge losses. Many believed that the Ethereum Merge would halt the market’s bearish trend. However, prices of most altcoins (including BTC) have declined.
Bitcoin fails to rise above $20,000
Bitcoin moved last week towards the $23K level. Unfortunately, this was the end of Bitcoin’s bullish path. The crypto market has been a difficult place to be, especially for investors.
BTC fell to around $20K following the U.S. CPI data. The position was maintained for some weeks, until the price reached about $20,000.
This looked promising for a bullish move, until Monday’s massive drop in its price to $18,300. Its lowest bearish benchmark was at its three-monthly low. BTC was able to reach $19,000.
This week’s losses fell to about 10.90% due to a 24 hour growth rate of 1.72%. This seems to be a strong price movement but the token and crypto markets remain in the red.
BTC recently fought for $19K. There were some bullish moves at that time. BTC’s value has fallen by about 2% over the past 24 hours. There is a good chance that BTC will plummet further before closing.
In terms of its dominance over digital tokens, the token now has a 39.4% drop. The market cap of the token has plummeted to around $360B.
Ripple XRP Growth in a Bear Market
The gainers are gaining attention in a market that is dominated by the bleeding market. XRP (Ripple), however, seems to have been overlooked. Ripple Labs’ recent meeting with the SEC is the reason for its growth. Ripple traded at $0.4, an increase of 10% in 24 hours.
Yesterday saw several digital currencies gain some support following the red zone parade on Monday. Unfortunately, the green glory didn’t last for many of these digital tokens, according to today’s market watch.
Ethereum is one of the top digital assets that suffered the greatest losses. As many thought, the Merge was supposed to lift Ether up to greater heights. Although that seems likely, Ethereum’s current price is at an unspecified level.
Ethereum was trading at just $1,600 a few days ago. It dropped to just below $1,300 a few days later. Ethereum traded at $1,311, a decrease of 1% in 24 hours.
Featured Image from Pixabay. Chart by TradingView.com