The cryptocurrency market update: Bitcoin (BTC) depressed, XRP goes ballistic
|- Bitcoin came close to critical $7,700, as the bullish sentiments increased.
- Altcoins are a mixed picture with XRP growing strongly.
The cryptocurrency market is a mixed picture on Monday. While Bitcoin is hovering close to critical support levels, some major altcoins including Ripple’s XRP are on the rise. The market capitalization of all digital assets in circulation dropped to $214 billion from $215 billion on Sunday, while an average daily trading volume edged up to $47 billion from $43 billion the day before. Bitcoin’s market share dropped below 67.0% to 66.7% for the first time since the beginning of August.
Top-3 coins price overview
BTC/USD has lost nearly 2% of its value in recent 24 hours to trade at $7,890 at the time of writing. The first digital coin broke below $8,000 on Sunday and extended the decline towards the intraday low at $7,768. The coin stopped within a whisker of the next critical support of $7,700, which is the lowest level of the previous week.
Ethereum, the second-largest digital asset with the current market capitalization of $18.7 billion, has also lost over 1% on a day-on-day basis and regained some ground since the beginning of the day. Notably, ETH/USD dropped below $170.00 and tested $168.83 during early Asian hours; however, the coin managed to recover to trade marginally above $172.00 at the time of writing.
Ripple’s XRP is the best-performing altcoin out of top-10. XRP/USD has grown by nearly 5% since this time on Sunday and touched the area above $0.2700. By the time of writing, XRP/USD retreated to $0.2684; however, the short-term trend is still bullish.
Read also: The cryptocurrency market heads to the South as Bitcoin settles below $8,000
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