Bitcoin, Ethereum, Ripple overview: Bears ran a perfect gambit on crypto bulls

Major cryptocurrencies are trying to recover from recent losses.
The market is deep in red on a day-over-day basis.

Tanya Abrosimova Independent Analyst

Major coins are trying to recover from early lows, but the market is still deep in red on a day-over-day basis. An overwhelming majority of top-20 coins shows double-digit losses amid strong bearish bias that gripped the market late on Sunday, after a failed attempt to stage a recovery.

Bitcoin (BTC) stays below $3,800 after growing as high as $4,187 on Sunday trading. The first digital coin dropped to $3,711 before recovering to $3,777 by the time of writing. Bitcoin’s market share has grown to 52.2% from the recent low of $51.4%.

Ethereum (ETH) is also under pressure. The second largest coin is dancing around $140.00 handle after testing waters at $133.60. ETH/USD has gained nearly 5% since the beginning of Monday, but it is still down 14% on a day-over-day basis. Ethereum is one of the worst-performing coins out of top-20 as the upcoming Constantinople update adds uncertainty to ETH trading.

Ripple’s XRP, the third largest coin, has lost over 9% since this time on Sunday to trade at $0.3050. A sustainable move below $0.3000 handle bodes will for the cryptocurrency, as it will signal the total reversal of the previous gains. At this stage, XRP is moving in sync with the rest of the market, influenced mostly by speculative sentiment and technical factors.

EOS, Litecoin, Bitcoin Cash and Cardano are also among the biggest losers, while TRON and Binance Coin show better results nursing losses of 4.5% and 6.7% respectively.

Author

Tanya Abrosimova

Independent Analyst

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