Cryptocurrency market update: the sell-off is gaining traction

  • Bitcoin has lost over 3% of its value to trade below $7,700.
  • TRON is the worst performing cryptocurrency of the day, down nearly 8%.

Bitcoin and all major altcoins have been under selling pressure since Sunday. At the time of writing, the top-20 coins are nursing losses from 1% to 8% on a day-on-day basis. The cryptocurrency market capitalization dropped to $243 billion from $249 billion on Sunday; an average daily trading volume stayed at $59 billion amid growing volatility on the market.

Top-3 coins  price overview

  • BTC/USD touched $7,511 on Sunday before recovering to $7,630 by the time of writing. The first digital asset has lost over 3% in recent 24 hours amid growing bearish sentiments intensified by technical factors.  A sustainable move below $7,700-$7,650 area added dark colors to the short-term Technical picture.
  • Ethereum, the second largest digital asset with the current market capitalization of $24.9 billion, recovered to $234 handle after a drop below $230 during early Asian hours. The coin has lost over 3.6% in recent 24 hours, moving in sync with the strong bearish trend.
  • Ripple's XRP failed to stay above $0.40 amid sharp sell-off during Sunday hours. The third largest coin with the current market capitalization of $16.3 has lost nearly 6%  of its value form this time on Sunday to trade at $0.3820.

The biggest market-movers

  • TRON (TRX) is the biggest loser of the day. The 12th largest coin with the current market capitalization of $1.9 billion has shed nearly 8% in recent 24 hours to trade at $0.0296 by press time.
  • Stellar (XLM) and IOTA are also big losers. The coins are nursing losses over 5% as the sell-off is gaining traction.

BEST BROKERS TO TRADE CRYPTO

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.