Crypto market explores how deep the rabbit hole is; Bitcoin and Ethereum down 12%, Ripple holds well

Bitcoin dipped under $5,000 amid growing panic
Altcoins follow the lead, however, Ripple demonstrates positive momentum.

Tanya Abrosimova Independent Analyst

Cryptocurrency market continues tumbling down at an unnerving speed. The total market value reduced to $161B, which is down over $650B from the peak reached at the beginning of the year. The decline seems to be gaining traction as panic and technical factors have set this ball rolling.

Bitcoin, the largest cryptocurrency by market value, lost 11% in recent 24 hours and settled well below critical $5,000. Currently, BTC/USD is changing hands at $4,800, off the Asian low $4,735. The price is moving within a bearish trend amid shrinking volatility.

Ethereum surrendered $150 to trade at $149.30 at the time of writing. The coin touched $147.12 during early Asian hours before the correction started. ETH/USD is down 12 since this time on Monday.
Ripple's XRP, now the second largest coin, is doing better than its peers. The price is down 1% on a day-to-day basis, which is the best result among top-20 coins. Moreover, XRP/USD has gained over 3.5% since the beginning of Tuesday.

Tezos is one of the biggest losers, down 18% on a daily basis, while Bitcoin Cash is down nearly 40% in recent 24 hours, according to CoinMarketCap. However, this statistics remains incomplete as BCH trading is still frozen on some cryptocurrency exchanges.

What's going on in the crypto universe

Cryptocurrency exchanges are making their choice between Bitcoin Cash ABC and Bitcoin SV: Huobi and Kraken assign BCH ticker to Bitcoin ABC.
Swiss Stock Exchange launches crypto ETP at an unhappy time, market ignores the news.
Fundstrat's Tom Lee expects to see Bitcoin at $15,000 by the end of the year.

Author

Tanya Abrosimova

Independent Analyst

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