The cryptocurrency market has seen a significant decline, losing $260 billion in 36 hours. In this article, we examine the current state of the market and the prospects for three leading cryptocurrencies: Bitcoin, Ethereum, and Ripple.
Bitcoin (BTC)
Bitcoin's price today has dropped by 8.23% in 24 hours with a trading volume of $88.621 billion. It has fallen 7.39% in the past week and 17.28% this month. With a market cap of $1.725 trillion, Bitcoin holds a dominance of 60.3188%. The Simple Moving Average (SMA) shows a bearish curve, suggesting increased negative price action. If bulls regain control, the price could reach $95,000. Otherwise, it might drop to $85,000.
Ethereum (ETH)
Ethereum's price has crashed by 9.50% in 24 hours with a trading volume of $42.797 billion. It has lost 8.08% over the past week and 27.67% in 30 days. With a market cap of $291.316 billion, its dominance is 10.1745%. The Ethereum chart shows a Death Cross, and the RSI drops toward oversold territory. If bulls take charge, the price could test the resistance at $2,870; otherwise, it might fall to $2,175.
Ripple (XRP)
Ripple's price has plunged ~11% in 24 hours with a trading volume of $14.015 billion. It has dropped 12.93% over the last seven days, indicating increased selling pressure. The MACD shows a rising red histogram, and the SMA indicates a bearish outlook. If a bullish reversal occurs, XRP could test $3.00. Otherwise, it could fall to the $2.00 support level.
The cryptocurrency market is experiencing a volatile period, and investors need to be cautious. We continue to monitor trends and analyze possible future developments.
