Tanya Abrosimova
Independent Analyst
- Bitcoin resumes the downside after a failed attempt to settle above $4,000
- Altcoins are in red amid global cryptocurrency sell-off.
The cryptocurrency market was short-lived as nearly all major coins are back in the red territory, losing from 2% to 10%. The only exception is the newly born coin Bitcoin SV that gained 24% and catapulted from the bottom of CoinMarketCap's rating to the 7th place.
The total market value of all digital assets in circulation slipped to $122B from $129B on Monday. Despite the decrease, it is still above the recent low reached $115B.
Bitcoin, the largest cryptocurrency by market value, lost about 7% in recent 24 hours to trade at $3,697 by the time of writing. The coin failed to recover above critical $4,000 as the bearish sentiments prevailed. Low trading activity during quiet Asian hours suggests a period of consolidation ahead of European morning.
Ripple's XRP is hovering at $0.3560, down over 7% on a day-on-day basis. The second largest digital asset with market value $14.1B is rangebound, though a failed attempt to recover above $0.40 handle darkens the technical picture for the coin.
Ethereum is down nearly 7% on a day-to-day basis and 2% since the beginning of Tuesday. The third largest coin with a market value of about $10B is changing hands at $115 at the time of writing, off the recent low of $100.97 touched on Sunday.
Those who hoped for a buying opportunity, are likely to be disappointed as the market lacks positive momentum, while traders are wary of false recovery attempts. Moreover, some experts warn traders against trying to find a bottom.
“There is nothing normal nor positive about this type of price movement so beware of false prophets selling soothsayer storylines and never get anchored to a price. Just because BTC is trading below $5,000, $4,000 or $3,000 for that matter, doesn’t mean bitcoin is undervalued even more so when BTC offers up no central store of value,” Stephen Innes from Oanda explains.
What's going on in the crypto universe
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