According to CoinMarketCap, the cryptocurrency market experienced a decline in prices. Bitcoin (BTC) decreased by 1% over the last 24 hours, Ethereum (ETH) fell by 1.72%, and XRP declined by 2.88%.
On the daily chart, the price of Bitcoin has approached the resistance level of $49,027. Traders should be cautious as the price remains below this mark, indicating a potential correction. Additionally, Bitcoin has made a false breakout of yesterday's peak, which is a bearish signal. It is likely that the price will drop to the $47,000 zone soon. At press time, Bitcoin is trading at $47,883.
Ethereum has experienced a greater decline compared to Bitcoin, falling by 1.72%. The price of ETH has been decreasing after a false breakout of the $2,524 level. If today's candle closes around the current levels, traders may witness a test of the $2,400-$2,450 zone this week. Currently, Ethereum is trading at $2,485.
XRP has been the biggest loser in the market today, declining by 2.88%. The rate of XRP is weak after failing to fix above the $0.54 zone. Traders should anticipate a further correction to the vital area of $0.50. At press time, XRP is trading at $0.5183.
In conclusion, the cryptocurrency market has experienced a decline in prices, with Bitcoin, Ethereum, and XRP all falling. Traders should be cautious and consider the potential for further corrections. It is important to conduct thorough research and consult with financial experts before making any investment decisions.
