Cryptocurrency Market Update: $10 billion wiped off as Bitcoin, Ethereum and Ripple tumble

The pre-Christmas carnage continues to wreak havoc in the cryptocurrency space just at time investors expected some substantial upward action. For several years cryptos have started to seek ‘bottoms’ in November and use December as the stepping stone to new levels amid forceful barrier shuttering momentum.

Meanwhile, the entire market is bloody led by the leading cryptocurrency, Bitcoin at -4.17% in the last 24 hours. Ethereum was not spared the cut as it corrected 6.95% lower. The worst-hit crypto among the top three is Ripple, sinking more than 10% in 24 hours. The rest of the top ten digital assets posted loses between 1% and 10%.

In the same 24-hour period, the entire crypto market said bye to $10 billion, wiped off. The market cap sits at $177 billion from $187 billion as per the data by CoinMarketCap. The trading volume, on the other hand, increased significantly from $69 billion to $82 billion, reflecting the extreme selling activities.

Bitcoin market update

Bitcoin, the market leader, has been on an unstoppable downward spiral in the last six months from the highs posted in June around $13,800. The extreme declines have tried seeking refuge above $10,000, $9,000, $8,000 and $7,000. However, BTC/USD is still inclined towards losses reminiscent of the sharp declines experienced yesterday towards $6,500 (November support).

Bitcoin formed a low at $6,566, defending the key support zone at $6,500. A shallow correction that ensued tried to break $6,700 support but adjusted to $6,681 (current market value). Meanwhile, the downside correction is likely to continue as long as the RSI stays within the oversold. Besides, the price holds ground under the moving averages.

BTC/USD 4-hour chart

Ethereum market update

The second-largest crypto dived below yesterday’s key support at $130. The lower leg approached the next support at $120, although it has adjusted to $124. It is apparent that further decline is still possible owing to the oversold-bound stochastic RSI. The MACD is also strongly bearish, especially with the extended bearish cross. Moreover, the gap between the 50 SMA and the 100 SMA continues to widen as a sign of a firm the bears’ grip. Ethereum must recover above two critical resistance zones, $130 and $140 to completely avert the risk of testing $100.

ETH/USD 4-hour chart

Ripple market update

Ripple has been the emblem of the worst performing digital assets in 2019. The recent declines did little to defend the reputation of the third-largest crypto. Instead, XRP dived further below $0.20 and smashed through the next tentative support areas at $0.1950, $0.1850 as well as $0.1800. XRP formed a low at $0.1787 before pushing upwards in a reflex reversal to $1.886 (market value).

The RSI is out of the oversold and features an uptrend. If the indicator continues, XRP could regain the lost ground above $0.20 in the coming sessions.

XRP/USD 1-hour chart