Cryptocurrency market update: Bitcoin and major altcoins consolidate losses, bearish sentiments are dominant


  • The cryptocurrency market stays under pressure, vulnerable to losses.
  • Bitcoin recovered from intraday losses; positive momentum is fading away.

The cryptocurrency market is consolidating losses after a plunge during late US hours on Wednesday. The total capitalization of all digital coins in circulation plunged to $238 billion from #250 billion the day before; an average daily trading volume settled at $75 billion, according to the statistics provided by CoinMarketCap. 

Top-3 coins price overview

Bitcoin is changing hands at $7,646, losing over 3.5% since this time on Wednesday.  The first digital coin dipped to $7,535 during early Asian hours but managed to recover as new buyers popped in. 
Ethereum, the second largest digital asset with the current market capitalization of $25.8 billion, is trading at $242. ETH/USD has lost over 5% of its value in recent 24 hours. The price came close to $240.00 barrier and recovered to $242.90 by the time of writing.
Ripple's XRP tested waters below $0.3700 but settled at 40.3722 by press time. The coin is down 6% on a day-on-day basis and mostly unchanged since the beginning of Thursday.

The biggest market-movers

NEM and Cosmos are the biggest losers of the day. Both coins are nursing day-on-day losses of over 11% amid growing bearish pressure.
Bitcoin SV (BSV) is down 10%. The coin has corrected after a strong rally on Wednesday triggered by the news that Craig Wright obtained a copyright for Bitcoin's white paper. BSV is changing hands at $101.67.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Cardano and Bitcoin set the pace for the end of May crypto rallies

Bitcoin majestically stepped above $9,600 after breaking the key hurdle at $9,400 for the first time in seven days. This incredible recovery follows last week’s dive to $8,600. BTC/USD has spent the majority of the time this week trying to climb above $9,000.

More Cryptocurrencies News

Ripple Price Analysis: XRP/USD charts bearish cross patten

XRP/USD continued its bullish domination as the price went up slightly from $0.1979 to  $0.1982. Presently, the price has peeked above the green Ichimoku cloud, while it has found resistance at ...

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

Tezos Price Analysis: XTZ breaks out of the triangle pattern on the hourly chart

Tezos has been trading higher on Thursday as most of the crypto majors trade in the black. The price recently converged into a triangle formation making lower high waves and higher low waves.

More Tezos News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls are nowhere to be seen

Bitcoin attempted a recovery towards $10,000 but ended up at $9,100. The first digital asset printed the second red candle on a weekly chart. It is an alarming signal for the long-term bull as BTC may be vulnerable to deeper losses.

Read the weekly forecast

BTC

ETH

XRP