Crypto Market Watch: Ripple Spikes 5%, Bitcoin Fights At $40K

Yet again, the cryptocurrency market is predominantly in the red as Bitcoin (BTC) struggles to reclaim the  $40K mark. On the other hand, major altcoins like Ripple (XRP) and Dogecoin (DOGE) marked some gains and are up respectively by 5% and 4%.

Bitcoin Hovering at $40K

The situation in the crypto industry continues to look quite disappointing considering the record prices, which some of the top assets marked last year. It is safe to assume that the post-pandemic financial crisis and the ongoing military conflict are some of the main reasons for that grim condition.

Despite the brief movements up, the first half of April has not been gentle to the digital asset market. Bitcoin, for one, started the month at nearly $46,000. Since then, it passed through some significant turbulence and, at one point, dropped below $40K.

Yesterday (April 14) was a rather positive day for the leading digital asset as it maintained $41,000 and even crossed $42,000. Nonetheless, earlier today, the bears took control and pulled BTC below $40,000 once again.

The asset managed to recover some of the losses and is currently trading at slightly more than $40K, which is approximately 2.5% less than its USD valuation 24 hours ago. Its total market capitalization stands at around $763 billion.

Bitcoin’s Price, Source: Trading View

Ripple and Dogecoin are on the Green

As it typically happens, most alternative coins mimicked bitcoin and are also in the red. The second-largest cryptocurrency – Ether – is down by around 2.5%.

Luna (Terra’s native token) lost around 7% of its USD valuation despite the protocol’s multiple BTC purchases in the past few weeks. NEAR (another asset that was in the spotlight recently) headed south, too, and is down by 6%.

A handful of assets are in the green corner as those that recorded the most significant gains are Ripple and Dogecoin. XRP is up by over 5% and is currently trading at nearly $0.8, its highest level for the past week.

The first-ever memecoin headed north, too, marking an increase of approximately 4%. DOGE is often praised by the world’s richest man – Elon Musk. Yesterday, Tesla’s CEO made a $43 billion offer to acquire one of the world’s largest social media platforms – Twitter, which might have been a bullish factor for DOGE’s surge.

The global cryptocurrency market cap is now $1.88 trillion, a 2% decrease over the last day.

Cryptocurrency Market Overview, Source: Quantify Crypto