Bitcoin defends $8,000 support following a break under $8,200.
Ethereum risks dropping under $170 amidst general bearish momentum.
Ripple bullish flex muscles with subtle gains but the trend remains bearish.
The crypto market on Friday towards the end of the Asian trading session is strongly bearish except for a few selected digital assets that are defiant. For instance, Monero (XMR) is trading 1.5% higher on the day while most of the digital assets struggle to detangle from the selling pressure. Ripple is also slightly in the green with gains above 0.80% on the day.
A report by Forbes Digital Assets found that Friday’s are the most volatile days in the cryptocurrency market. At the same time, Saturdays are the least volatile days. On the other hand, Mondays are usually characterized by slow movement.
Bitcoin market update
Bitcoin’s dominance in the market has continued to thin over the last couple of weeks. The largest crypto’s dominance on the market currently stands at 67.5%. It has a market cap of $147 billion and a 24-hour trading volume of $13 billion. BTC's last price is $8,115 spotting a relative change of -112 and a percentage change of -1.35% on the day. Bitcoin minor bullish action has hit $8,231 while the downside action has tested $8,081. The prevailing trend is strongly bearish.
Ethereum market update
Ethereum is changing hands at $173 following a subtle 0.78% lower correction on Friday. The digital asset opened the session at $175.25 and has hit an intraday high and an intraday low of $175.32 and $172.48 respectively. The trend at the moment is bearish amid shrinking volatility.
Ripple market update
Ripple is flexing bullish muscles among the top ten digital assets. It has gained a subtle 0.76% on Friday to trade at $0.2491 from an opening price of $0.2474. The price has touched highs on the day at $0.2500 and lows of $0.2455. The bearish power impacting on Ethereum and Bitcoin is leaving no stone unturned and pressing down on XRP. The prevailing trend bearish.