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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%.
Cryptocurrency market update: the sell-off is gaining traction
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

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.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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