Crypto Market Update: Bitcoin Price Slides, But XRP & ENS Show Strength

The crypto market dips with Bitcoin dominance rising, but XRP and ENS show potential for gains.
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Key Insights

  • The crypto market has slumped slightly over the last day, with Bitcoin down 2.5% and most other cryptocurrencies seeing losses.

  • Bitcoin's dominance rose sharply to 54.79%, with liquidations reaching $477 million in the last 24 hours.

  • While Bitcoin remains stable above $65,000, a break below this level could trigger a further market decline.

  • XRP and Ethereum Name Service (ENS) are showing strength compared to the general market.

  • XRP will likely break above $0.5 soon, and ENS might retest $29-$30.

The crypto market has slid further down today by another 2.5%, with Bitcoin now trading at around $65,000 and Ethereum down below $3,500.

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

As shown above, the crypto market’s heatmap has turned almost entirely red.

Moreso, Bitcoin’s dominance has skyrocketed over the last day, from just under 53% to a staggering 54.79%.

<div class="paragraphs"><p>The crypto market's liquidations</p></div>

The crypto market's liquidations

The last 24 hours have seen liquidations skyrocket to a staggering $477 million, with most of the liquidations coming from Ethereum, Bitcoin and smaller altcoin bulls.

As expected, the bulls took the worst liquidation hit overall, losing around $420 million, compared to the bears, who only lost $57 million.

As it stands today, the bears have all the control, and there is no guarantee that the crypto market’s declines will not continue.

Will Bitcoin Lose the Battle?

According to CoinMarketCap, Bitcoin has fallen by around 2% over the last 24 hours, from slightly above $66,000 to $65,685.

<div class="paragraphs"><p>Bitcoin in the charts</p></div>

Bitcoin in the charts

While Bitcoin is down on major timeframes, the cryptocurrency remains stable, having managed to stay above $65,000.

To this end, we can expect the bulls to step in and attempt to prevent the cryptocurrency's price from plunging further.

If these bulls fail and Bitcoin crashes even slightly below $65,000, the collision is expected to continue, leading the flagship cryptocurrency (and the rest of the market) further down.

A Dangerous Game with Ethereum

According to the charts, Ethereum crashed yesterday, even hitting a $3,355 low as shown below:

<div class="paragraphs"><p>Ethereum’s price action</p></div>

Ethereum’s price action

However, judging by the long wick from yesterday's candlestick, we can say that the bulls stepped in quickly, preventing the cryptocurrency from declining further below and affecting the altcoin market negatively.

While Ethereum has become stable in the short term, there are no guarantees that the decline will not continue, and as such, this cryptocurrency should be approached with caution.

Watch Out for XRP

According to the charts, XRP is trading within an ascending triangle and is performing extraordinarily well compared to the rest of the market.

<div class="paragraphs"><p>XRP’s price action</p></div>

XRP’s price action

As shown above, the XRP bulls took action right around the base of the ascending trendline and have pushed the cryptocurrency from a $0.47 low to around $0.49 at the time of writing.

This means that if the XRP bulls continue to apply this much pressure, we might be seeing a valid break and close above $0.5 soon.

Once this happens, XRP will likely travel further upwards to around $0.57 or higher, for starters.

The Show Continues on $ENS

Ethereum Name Sevice (or ENS) started to decline along with the rest of the market, especially after a successful rebound from the $18.7 price level.

However, the bulls have swung into action, pushing the cryptocurrency into recovery, as shown by the long lower wick of today's candlestick.

<div class="paragraphs"><p>ENS price action</p></div>

ENS price action

As it stands, the recovery phase from $18.7 continues on ENS, and if all goes well, we might even see a retest of the $29 - $30 price level very soon.

To confirm that the bulls are in control and we aren't just seeing the market present a false recovery,  investors might want to wait for a valid break above $24.68 before making any moves.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Voice Of Crypto