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Crypto market overview: Bitcoin moving fast towards multi-month lows

Bitcoin is down 3.4% after a sharp sell-off on Monday.
Altcoins are dragged down by Bitcoin underperformance.

Tanya Abrosimova Independent Analyst

Bitcoin and other major digital assets resumed the downside trend on Monday with a little respite during Asian hours on Tuesday. The total market value of all coins in circulation dropped to $126B from $130B the day before. The green shoots of recovery have died away amid resumed bearish sentiments.

Bitcoin is changing hands at $3,833 at the time of writing. While the price of the largest digital coin has barely changed since the beginning of Tuesday, it is 3.4% below the levels registered this time on Monday. BTC/USD is moving fast towards multi-month low under $3,500.

Ethereum stays at $107.7, over 4% lower on a day-to-day basis and unchanged since the beginning of Tuesday. The third largest coin with a market value of $11.2B is uncomfortably close to a critical $100.00. The coin is dragged down by Bitcoin underperformance and overall bearish sentiments that gripped the market.

Ripple's XRP is hovering around $0.3500 handle, down 3.5% in recent 24 hours. The coin dropped as low as $0.3465 during early Asian hours but managed to recover since that time amid short-term bullish trend. However, the upside momentum is too weak to take the price well above the current $0.3500.

What's going on in the crypto universe

The G20 leaders mentioned cryptocurrency regulation in the final communique.

BitTrade ends operations and relaunches under Huobi brand.

Payment service provider Skrill has added Ripple's XRP to the list of supported cryptocurrencies.

Author

Tanya Abrosimova

Independent Analyst

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