Cryptocurrency Market Update: Bitcoin breaks $8,500 as bulls return in large numbers

• Cryptocurrencies return to the bullish side following three days of continued losses.
• Bitcoin sits above $8,500 but a reversal back to $8,400 is imminent.

The bulls returned from their hibernation with a bang. The entire market corrected significantly upwards adding $9 billion to market capitalization. Cryptocurrencies currently have a market value of $226 billion as per the data on CoinMarketCap.

Bitcoin price update

The largest cryptocurrency by market capitalization takes up 68.2% of the total cap. Its market cap stands at $154 billion and features a 24-hour trading volume of $28 billion. Bitcoin managed to consolidate the price above $8,000 yesterday.

The consolidation allowed the bulls to gather the strength, pushing the price to highs past $8,500. At the moment BTC is trading at $8,515 after correcting a higher 5% on the day. The bullish trend, high volume and expanding volatility suggest that more action is expected on the upside.

BTC/USD 4-hour chart

Ethereum market update

Ethereum’s action blasted it above $150 after breaking the stubborn resistance at $148. However, the price is back to trading at $148 despite forming an intraday high at $150.99. The prevailing trend is bullish although the low volatility hints that action north will be limited in the near term.

Ripple market update

Ripple, on the other hand, has corrected a higher 2.84% on Tuesday. The support at $0.20 a key factor in the recovery that lost steam short of $0.22. Ripple is trading at $0.2164 after adjusting from an intraday high of $0.2191.

Read more: Ripple Price Analysis: XRP/USD bulls return to action, all eyes on $0.22