The cryptocurrency market resumed the decline again - a pause before another bull’s assault?
|- Bitcoin (BTC) has dropped under $8,500 and the downside momentum is gaining traction.
- Altcoins are range-bound with bearish bias ahead of the weekend.
The cryptocurrency market resumed the decline during early Asian hours after a recovery stalled on approach to key technical levels. Bitcoin and all major altcoins are flashing red lights.
The market capitalization of all digital assets in circulation settled at $230 slightly below $231 billion registered on Thursday, while an average daily trading volume slipped to $61 billion from $69 billion the day before. Bitcoin’s market settled at 66.8%
Top-3 coins price overview
BTC/USD is trading under $8,500 handle down 1.7% since the beginning of Friday. A sustainable move below $8,500 might worsen the short-term technical picture, as the coin needs to move above the resistance area $8,600-$8,650 to proceed with the recovery towards $9,000.
Ethereum, the second-largest digital asset with the current market capitalization of $20.8 billion, retreated from the recent high of $196.00 and slipped below critical $190.00. The coin resumed the decline during early Asian hours to trade at $188.50 at the time of writing.
Ripple’s XRP topped at $0.2879 on October 9 and has been in retreat ever since. The third-largest digital asset with the current market value of $11.8 billion has lost 1.5% in recent 24 hours to trade at $0.2700 at the time of writing. The coin is moving inside a triangle pattern. Its upper boundary located on the approach to $0.2800 now serves as a strong resistance for the coin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.