The cryptocurrency market controlled by bears as bitcoin (BTC) slips below $8,000

Bitcoin (BTC) has settled below critical $8,000 during early Wednesday hours.
Altcoins are deep in red, nursing losses from 1% to 8%.

Tanya Abrosimova Independent Analyst

The cryptocurrency market is in retreat again. Bitcoin slipped back below $8,000 handle amid growing pessimism on the market; the majority of top-20 altcoins followed the lead. At the time of writing, the total cryptocurrency market capitalization is registered at $217 billion, down from $223 billion the day before; an average daily trading volume is hovering at $59 billion, mostly unchanged from this time on Tuesday; Bitcoin's market share increased to 66.5% from 66.3% the day before.

Top-3 coins price overview

BTC/USD resumed the decline during late Tuesday hours at settled below $8,000 by press time. The first digital coin hit the intraday low of $7,926 and reeocvered to $7,965 by the time of writing. The coin is moving with short-term upside bias; however, we will need to see a sustainable move above $8,000 for the recovery to gain traction.

Ethereum, the second-largest digital asset with the current market capitalization of $18.1 billion, has lost over 4% ov its value on a day-to-day basis to trade at $167.00 at the time of writing. Looking technically, ETH/USD has recovered from the intraday low of $164.34, though it is still well below pivotal $170.00.

Ripple’s XRP slipped below $0.2900 amid global sell-off on the cryptocurrency market. Now the third largest digital asset with the current market value of $12.4 billion is changing hands at $0.2877, down 3.5% on a day-to-day basis. XRP/USD touched $0.3033 on Tuesday, but failed to gain thee upside momentum above the critical handle.

Author

Tanya Abrosimova

Independent Analyst