Cryptocurrency market update: A sea of red as weekend selling remains unabated
|- Crypto markets extend the weekend tailspin, no relief seen in near-term.
- Ethereum loses the most among top 4 widely traded cryptocurrencies.
Top 4 coins’ price overview
- Bitcoin (BTC/USD) is seen accelerating the declines following a sustained break below the 11,300 support and a breach of Saturday’s low of 10,814. Markets now await a daily close below the 11,300 level to confirm a symmetrical triangle breakdown (as explained here). The prices seem headed towards the 50-day Simple moving average (DMA) at 9,890. The most widely traded cryptocurrency lost nearly 6.5% over the last 24 hours, with its market capitalization now below $ 200 billion at $191.70 billion.
- Ethereum, the second largest digital asset with the current market capitalization of $26.12 billion, emerges the weakest amongst the top four favorite digital currencies. As expected, the coin extended the slide and breached the 260 level amid a descending channel break down on 1-hour chart, with selling pressure intensifying below a break of the last. ETC/USD remains heavily sold off near 244 region, down over 10% over the last 24 hours.
- Ripple (XRP) is the least affected by the weekend tailspin amongst its top four crypto rivals, having eroded about 5% over the last 24 hours. A symmetrical triangle breakdown seen on the hourly sticks a day before, paved the way for the downside targets of 0.3100 after the coin breached the key horizontal support at 1.3181. Despite the sell-off, the current market capitalization of the coin is seen at $13.56 billion.
- Litecoin (LTC/USD): The fourth most widely traded cryptocurrency by market value is the least favorite coin amongst the top 4 heavily traded ones so far this Sunday. The sellers are in complete control after the bulls failed to defend the 100 handle. The bears now target the 90 level amid a broader market selloff, diminishing the market capitalization to $ 5.90 billion.
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