- The cryptocurrency market has resumed its decline on Monday.
- Bitcoin is at risk of an extended sell-off if $8,500 is sustainably broken.
Cryptocurrency bears are getting bold as Bitcoin and major altcoins have been in retreat after a strong growth on Sunday. The cryptocurrency market capitalization decreased to $235 billion, while the average daily trading volume reduced to $99 billion. Bitcoin's market dominance settled at 66.5%.
Bitcoin (BTC) price update
The largest cryptocurrency by market capitalization retreated from Sunday's high of $9,184 to $8,564 by press time. The coin has resumed the decline after a short period of sidelined trading and dropped below SMA200 1-hour at $8,600. Now the recent low of $8,479 is in focus. BTC/USD is unchanged on a day-to-day basis and down 1.5% since the beginning of the day.
BTC/USD 1-hour chart
Ethereum (ETH) price update
Ethereum hit $179.10 on January 18 only to drop back to $162.35 by the time of writing. The strong downside move was caused by technical correction on the market. ETH/USD has lost about 2% since the beginning of the day and 1.5% in the recent 24 hours. From the short-term perspective, the coin is moving within a bearish trend amid low volatility. The nearest support is created by SMA200 1-hour at $160.00
ETH/USD 1-hour chart
Ripple's XRP price update
Ripple's XRP retreated to $0.2273 after a short-lived spike above $0.2500 on January 18. The third-largest digital asset has been losing ground after the support of $0.2300 gave way. XRP/USD has lost over 3.6% since the beginning of Monday, moving in sync with the market. The short-term trend is bullish.
XRP/USD 1-hour chart
The best-performing altcoins out of top-20
DigixDAO +13.8% ($30.44)
Bitcoin SV +12% ($273)
THETA +7.4% ($0.1144)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.