Posted 2 years ago | by Ben Armstrong
Crypto Market Wrap-Weekend Action Lifts BTC Prices
The crypto markets have been stable over the weekend, with bitcoin price rising from the lows that it logged last week. While BTC prices have been moving up, the Crypto Currency Index 30 (CCI30), a measure of the 30 largest cryptos by market cap, has been rangebound.
The CCI30 has been trading in a range between 3,080 and 3,170, despite the positive lead that BTC prices have been creating for the market.
Bitcoin Prices have been under pressure recently. The world's most valuable crypto when measured by market cap fell from the $10,250 USD level early last week, before putting in a near-term bottom around $9,400 USD.
The $9,400 level should act as support for the time being, with the $9,000 level acting as a secondary support. Should the $9,000 level give way to lower prices, BTC could fall to the $7,500 level quickly.
Ethereum prices have tracked BTC higher over the last few days, but have failed to hold onto its gains.
ETH fell from above the $185 USD level last week, and seems to have put in a near-term bottom at $167 USD. ETH rallied to as high as $172 over the weekend, but it has since fallen slightly, and is trading at $170 at the time of writing.
With ETH showing more price weakness than BTC, any further falls could be larger in percentage terms than in BTC. In the near-term the $165 level should provide support for ETH, but any major price moves below that level opens up the chance for a drop to the $140 level.
Ripple (XRP) prices are showing market weakness among the big three cryptos, and it has been unable to hold on to much of the weekend bounce that has supported BTC and ETH. XRP fell from high around the $0.27 USD level last week, and logged lows near $0.25 shortly afterward.
While XRP did bounce off the lows set across the crypto complex late last week, it was unable to reclaim the $0.26 level. It has since traded lower, and is currently sitting at $0.255, just half a cent from its recent lows.
The crypto markets seem to be under pressure, and the weakness that XRP is showing dosen't do much to inspire confidence in anything but BTC. If we see more selling pressure come into the crypto space, it makes sense to stick to the popular coins, and wait for bargains to present themselves in the smaller tokens.