Cryptocurrency Market Update: Weekend stability ousted, Bitcoin slumps under $5,000

Extreme price swings are becoming the new normal in the cryptocurrency market. However, the swings are not unique to digital assets as other global markets such as the forex market, stock market and the futures bleed in regards to the Coronavirus pandemic.

The weekend session was characterized by stability across the crypto market. Unfortunately, Monday has seen bears swing back into action with the majority of the major cryptos posting losses between 5-14%. Some of the worst-hit cryptoassets are Ethereum Classic (ETC) after losing at least 13% of its value on the day, Monero (XMR) with a 12.1% loss and NEO, currently trading 10.50% lower on the day.

BTC/USD is starting the week’s trading with losses under $5,000 (a support that held the ground strongly over the weekend). The price is down 6.74% on the day and a low of $4,898 has been reached. Bitcoin price is trading at $4,976 after correcting downwards from $5,344 (opening value).

ETH/USD is once again the worst-hit among the top three cryptoassets having lost 9.57% of its value on the day. Ethereum price dances at $111 following a bearish adjustment from $123.56 (opening value). With the support at $110 having been broken for ETH/USD to hit an intraday low at $109.76, it is apparent that risks of sliding back under $100 are high.

XRP/USD has also not been spared, resulting in a breakdown under the weekend support at $0.15. The bearish leg extended to $0.1401 (intraday low) but a minor reversal has sent Ripple price to $0.1434. It is not easy to predict how the price will go even in the nearest future because of the extreme volatility levels across the cryptocurrency market.

Chart of the day: XRP/USD daily chart