Cryptocurrency market update: market cap slides below $300 billion – Bitcoin, Ethereum and Ripple freefall

  • Cryptos hit the reverse button opening the Pandora box as bears have their field day.
  • Investors expected Bitcoin to will stay above $11,000 but the bears had different plans.

The cryptocurrency market has unexpectedly reversed the gains made in the last two weeks of June. Cryptocurrencies are on their second day of navigating the sea of red led by the major digital assets. The entire top twenty lot is in the red with losses between 3% and 7% according to the intraday charts. The market capitalization is back under $300 billion following the drop from $302 billion recorded yesterday to the current $291 billion.

Bitcoin market update

Bitcoin is at the forefront of the current declines. It has lost 6.78% on the day in addition to sliding under $10,000 level. Investors expected Bitcoin to will stay above $11,000 but the bears had different plans for the largest coin. Bitcoin at the moment is trading at $9,845 following the drop from $10,664 high.

Ethereum market update

Ethereum continues to explore the levels to the south after sliding below $300. Yesterday $280 support prevent further declines. In fact, there was a reversal above $290. However, the bearish pressure on Tuesday has not only dropped under $280 but also tested the support at $270.

Ripple market update

The $16.60 billion crypto currently in the third position is also exploring levels to the south after dropping below $0.4. The next support at $0.39 failed to offer support as well. XRP descended to lows of $0.3847 before correcting slightly to the current $0.3911.

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