Crypto market: the bloodbath continues, market cap drops to $177B

The lull on the cryptocurrency market proved to be short-lived, as all major coins have resumed the decline ahead of European hours. The total capitalization of digital assets in circulation slumped below $177B amid increased bearish pressure across the board.

As no fundamental reasons for the decline are readily available, the global sell-off is likely to be caused by FUD phenomenon (Fear, Uncertainty, Doubt). 

Bitcoin touched $5,319 low before reverting to $5.390 by the time of writing. The digital coin No. 1 is supported by $5,300 handle, once it is broken, the downside may be extended towards the recent low of $5,198. On the upside, the recovery is capped by $5,500, closely followed by SMA50 and SMA100 (1-hour).

XRP and ETH are losing 6% and 7% respectively amid growing trading volumes. The second largest coin - now it is Ripple's XRP - is changing hands at $0.4820, off the Asian high registered at $0.5130. The coin is moving within a short-term bearish trend with the local support spotted on approach to $0.4770 (SMA200, 4-hour).

Ethereum is unlikely to find any viable support until $158.00. That's where a confluence of Pivot Point 1 month Support 1 and Pivot Point 1 month Support 2 may stop the decline for the time being. Once below, ETH/USD will enter uncharted territory with little in terms of technical support levels.

BTC/USD, 1-hour chart