- Crypto markets extend the weekend tailspin, no relief seen in near-term.
- Ethereum loses the most among top 4 widely traded cryptocurrencies.
Top 4 coins’ price overview
- Bitcoin (BTC/USD) is seen accelerating the declines following a sustained break below the 11,300 support and a breach of Saturday’s low of 10,814. Markets now await a daily close below the 11,300 level to confirm a symmetrical triangle breakdown (as explained here). The prices seem headed towards the 50-day Simple moving average (DMA) at 9,890. The most widely traded cryptocurrency lost nearly 6.5% over the last 24 hours, with its market capitalization now below $ 200 billion at $191.70 billion.
- Ethereum, the second largest digital asset with the current market capitalization of $26.12 billion, emerges the weakest amongst the top four favorite digital currencies. As expected, the coin extended the slide and breached the 260 level amid a descending channel break down on 1-hour chart, with selling pressure intensifying below a break of the last. ETC/USD remains heavily sold off near 244 region, down over 10% over the last 24 hours.
- Ripple (XRP) is the least affected by the weekend tailspin amongst its top four crypto rivals, having eroded about 5% over the last 24 hours. A symmetrical triangle breakdown seen on the hourly sticks a day before, paved the way for the downside targets of 0.3100 after the coin breached the key horizontal support at 1.3181. Despite the sell-off, the current market capitalization of the coin is seen at $13.56 billion.
- Litecoin (LTC/USD): The fourth most widely traded cryptocurrency by market value is the least favorite coin amongst the top 4 heavily traded ones so far this Sunday. The sellers are in complete control after the bulls failed to defend the 100 handle. The bears now target the 90 level amid a broader market selloff, diminishing the market capitalization to $ 5.90 billion.
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.