Cryptocurrecny Market Update: Bears take the revenge, Bitcoin on the verge of deeper sell-off

The cryptocurrency market has been sinking in the sea of red as Bitcoin and all major altcoins have been losing ground rapidly on Thursday. Tezos (XTZ) is a notable exception from the pack. The coin has gained nearly 3% of its value in recent 24 hours. while other assets out of top-20 have been nursing losses ranging from 3 to 8%.The cryptocurrency market capitalization dipped to $231 billion, while an average daily trading volume reduced to $87 billion. Bitcoin's market dominance settled at 65.8%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization dropped below the key support created by 50% Fibo retracement at $8,450. The downside momentum is gaining traction with the next strong support registered as lo as at $8,000. At the time of writing, BTC/USD is changing hands at $8,330, down nearly 4% on a day-to-day basis.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum stopped within a whisker of January 20 low registered at $161.11. The second-largest is changing hands at$161.30, off the intraday low of $161.22. ETH/USD has lost about 3.5%  since the beginning of the day.  From the short-term perspective, the coin is moving within a strong bearish trend tend amid expanding volatility. The nearest support is created at $161.00, while resistance is registered at $166.70. It is created by a combination of 1-hour SMAs.

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple retreated to $0.2250 after an attempt to settle above $0.2300 during early Asian hours. XRP/USD has lost over 4.5% since the beginning of Thursday, moving in sync with the market. The short-term trend is bearish.

XRP/USD 1-hour chart

Despite the carnage, so,e of the less prominent assets are doing well. Below is the best-performing altcoin out of top-100

• Centrality +64.5% ($0.0920)
• Swipe +17% ($1.8)
• Nervos Network +15.5 ($0.0062)