Cryptocurrency market update: Positive sentiments stay put – Bitcoin, Ethereum and Ripple lead recovery

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  • Bitcoin extended the gains past $5,200 and even touched $5,300 on Thursday.
  • Ripple is trading above the trendline after taking advantage of the broad-based gains in the market.

Investors are still hopeful that the April bull rally will continue shaking the ground on the ground. Most cryptocurrency assets are in the green led by Ethereum, which is up by 3.18%. Ripple has not been left behind and is up 1.65%. The largest asset by market capitalization, Bitcoin is also in the green with a subtle 0.5% rise on the day. 

Bitcoin price overview

In the last 24-hours, BTC has grown 1.02% according to the data by CoinMarketCap. The daily trading volume has reduced significantly April highs of $22 billion to the current $12 billion. The market cap has however been able to stay above $90 billion over the last few days, besides, it stands at $93 billion at the time of writing.

Bitcoin extended the gains past $5,200 and even touched $5,300 on Thursday. The price is currently trading higher within a rising channel above the 100 SMA 1-hour. A retracement from the daily high is likely to find support at $5,200.

Ethereum price overview

Ethereum price is trading above $170 after a bullish engulfing candle that emanated from the support congestion zone at $166. There was a break at the 100 SMA 1-hour chart as well as the trendline support. Following the more than 3% rise on the day, ETH/USD formed a high at $173.98. There is an ongoing towards retracement towards $170 support but technical levels remain strongly positive.

Ripple price overview

Ripple is trading above the trendline after taking advantage of the broad-based gains in the market. There was a break above $0.3450 and even touched $0.3500 (weekly) high. A downside correction is currently supported by the trendline while XRP dances at $0.3404.

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