Cryptocurrency market update: The hunt for a bottom continues as Bitcoin grinds to $8,000

Bitcoin, Ethereum and Ripple are overwhelmed by rising selling pressure further delaying the potential end-year rally.
Total crypto market capitalization tanks by $19 billion in a fresh round of declines.

The digital asset market has been largely in shambles in the last 24 hours. There is a need for a reversal ahead of the holiday season. However, the downward pressure is so great that recovery is hampered and paths of least resistance remain to the downside.

The entire market capitalization has continued to thin towards the end of the year. The latest drop from $235 billion on Monday to $216 billion at the time of writing suggests that bears have the upper hand. The increased trading volume from $63 billion to $72 billion is a result of the selloff witnessed on Monday.

Bitcoin market update

Bitcoin tested $8,000 on Monday, a move that I think was a stretch from the expected bottom at $8,250. The fact that a reflex reaction las lagged to the extent that Bitcoin is only trading at $8,137, means that BTC’s search for a bottom is yet to yield. Moreover, it means that further declines are possible and could refresh the recent support at $7,300.

BTC/USD 4-hour chart

Ethereum and Ripple price update

As for Ethereum and Ripple selling pressure is still at its peak. Ethereum volatility is extremely high while Ripple’s is expanding. Ethereum is down a subtle 0.68% on the day while Ripple is trading 0.6%. Ethereum price is teetering at $176.25 after adjusting from an intraday high of $178.37 and a low of $176.01. On the other hand, the third-largest crypto is trading at $0.2495 after testing $0.2494 (intraday low). XRP opened the trading at $0.2519 and has brushed shoulders with $0.2532.

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