Cryptocurrency Update: Ethereum Marches On as Dash and Ripple Jump
Traders are still getting used to the new status quo of the crypto-market, as Ethereum continues to push to new highs, while Bitcoin bulls are licking their wounds after the steep correction. The total market cap of the coins climbed back above the $80 billion mark, as a sign of the continued inflow of capital in the sector.
The reduced volatility is also a bullish sign, as the downward spiral has been stopped by selling exhaustion and bargain-buying. The low-volatility environment could provide a base for a new leg up in the coins, but keeping trading volumes low is still recommended.
Ethereum is still riding the wave of adoption, although the Ether token ran into resistance near the 0.10 level on the ETH/BTC pair. ETH could be ready for a brief correction compared to Bitcoin, possibly meaning a re-test of 0.085, that could correspond with the $200 level. ETH topped $20 billion in market value, representing one-fourth of the total market right now, as Ethereum looks to be solidifying its place as the cross-industry crypto-platform.
BTC is still hovering around the $2200 support, in a relatively tight range, between $2150 and $2400. A break above the $2400 could mean that we will see a re-test of the previous all-time highs, although traders shouldn’t forget about stop-losses in this environment. Asian demand is still helping BTC, while the US sessions have been less hostile this week.
XRP surged overnight, attempting a break-out from its steep correction pattern. The currency passed the crucial $0.25 level and spiked as high as 0.30. So far XRP failed to close above the declining short-term trendline so far but it’s still up by almost 30% of its lows from yesterday. Stellar and NEM are following Ripple higher as usual, both being up by around 20%, with NEM still being in a better technical position.
Dash has been steadily rising since the mini-crash last week, and it emerged as one of the leaders of the cryptocurrency market, closing in on its recent highs near the $150 level. Short-term traders should focus on the steep rising trendline, while long-term investors shouldn’t chase the market at this point, as another of the support zone around the $110 level is possible.