Cryptocurrecny Market Update: Bears take the revenge, Bitcoin on the verge of deeper sell-off
|- The cryptocurrency market is under selling pressure with Bitcoin and all major assets in red.
- BTC/USD is trading below the critical support area with bearish momentum gaining traction.
The cryptocurrency market has been sinking in the sea of red as Bitcoin and all major altcoins have been losing ground rapidly on Thursday. Tezos (XTZ) is a notable exception from the pack. The coin has gained nearly 3% of its value in recent 24 hours. while other assets out of top-20 have been nursing losses ranging from 3 to 8%.The cryptocurrency market capitalization dipped to $231 billion, while an average daily trading volume reduced to $87 billion. Bitcoin's market dominance settled at 65.8%.
Bitcoin (BTC) price update
The largest cryptocurrency by market capitalization dropped below the key support created by 50% Fibo retracement at $8,450. The downside momentum is gaining traction with the next strong support registered as lo as at $8,000. At the time of writing, BTC/USD is changing hands at $8,330, down nearly 4% on a day-to-day basis.
BTC/USD 1-hour chart
Ethereum (ETH) price update
Ethereum stopped within a whisker of January 20 low registered at $161.11. The second-largest is changing hands at$161.30, off the intraday low of $161.22. ETH/USD has lost about 3.5% since the beginning of the day. From the short-term perspective, the coin is moving within a strong bearish trend tend amid expanding volatility. The nearest support is created at $161.00, while resistance is registered at $166.70. It is created by a combination of 1-hour SMAs.
ETH/USD 1-hour chart
Ripple's XRP price update
Ripple retreated to $0.2250 after an attempt to settle above $0.2300 during early Asian hours. XRP/USD has lost over 4.5% since the beginning of Thursday, moving in sync with the market. The short-term trend is bearish.
XRP/USD 1-hour chart
Despite the carnage, so,e of the less prominent assets are doing well. Below is the best-performing altcoin out of top-100
- Centrality +64.5% ($0.0920)
- Swipe +17% ($1.8)
- Nervos Network +15.5 ($0.0062)
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