Crypto market avoided rally despite investors’ expectations

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crypto market, Australia benefited from Bitcoin

Investors expected the crypto market to rally again. However, the great surge hasn’t materialized thus far. Bitcoin climbed up by only 0.87% to $51,807.0 on Friday. After a mixed start of the day, the crypto tumbled down to an early morning low of $51,300.0 before surging forward to a high of $52,115.0. It also left the major support and resistance levels untested.

 

On Thursday, Bitcoin declined by 1.86%. After losing 3.72% on Wednesday, the crypto ended the day at $51,358.0. It fluctuated during the session, though, dropping to an early morning low of $51,511.0 before moving again. Bitcoin also steered clear of the major support levels, and then it skyrocketed to a late morning intraday high of $53,116.0.

 

However, the crypto fell short of the first major resistance level at $55,853 and plummeted down to a mid-day intraday low of $50,350.0. Afterward, Bitcoin avoided the first major support level at $50,163, but it managed to move back through to $51,300 levels, reducing the loss on the day.

 

Thus far, the near-term bullish trend is still intact despite the latest pullback. The crypto would need to fell through the 62% FIB of $26,041 to form a near-term bearish trend.

 

Bitcoin’s dominance dropped to a Tuesday low of 60.20% before soaring to a Wednesday high of 62.24%. On Friday, Bitcoin’s dominance sat at 60.94%.

 

How did the other cryptocurrencies fare? 

 

The crypto market fluctuated on Friday. Most of the major digital coins traded in the green. However, Polkadot tumbled down by 0.02%, bucking the trend of the day.

 

On Friday, Cardano’s ADA and Crypto.com Coin climbed up surged forward by 1.76% and by 1.70%, respectively. Meanwhile, Ripple’s XRP surged forward by 1.79%, leading the way.

 

Thursday’s session varied for the major cryptos as well. Some of them suffered significant losses. Crypto.com Coin plunged by 13.95%, leading the way down.

 

Binance Coin tumbled down by 5.77%, and Bitcoin Cash SV shaved off 3.31%. Litecoin also plummeted down by 2.54%, joining Bitcoin in the red on Thursday.

 

On the other hand, the rest of the major coins traded in the green. Ripple’s XRP surged forward by 6.66%, leading the way. Cardano’s ADA climbed up by 2.68%, and Chainlink added 2.79%, all of them finding strong support, as well. Ethereum and Polkadot gained relatively modest amounts, adding 0.32% and 0.50%, respectively.

 

The total crypto market rallied to a Monday high of $1,802bn during the current week before tumbling to a Thursday low of $1,517bn. On Friday, the total market cap sat at $1,588bn.

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