The cryptocurrency market heads to the South as Bitcoin settles below $8,000
- Bitcoin has settled below $8,000, the short-term trend gains traction.
- Altcoins follow the lead, move to the red zone.
The cryptocurrency market resumed the decline after a short-lived recovery attempt. Bitcoin slipped below $8,000 and dragged down most of the altcoins. The market capitalization of all digital assets in circulation dropped to $215 billion from $216 billion on Saturday, while an average daily trading volume edged up to $43 billion from $42 billion the day before. Bitcoin’s market share dropped to 67.0%.
Top-3 coins price overview
BTC/USD has lost over 3% of its value since the beginning of Sunday. The first digital coin broke below $8,000 for the first time since September 30. BTC/USD touched the intraday low at $7,890 with the downside momentum seems to be gaining traction. The next critical support is located at $7,700, which is the lowest level of the previous week.
Ethereum, the second-largest digital asset with the current market capitalization of $18.8 billion, has also lost nearly 3% since the beginning of the day, to trade at $171.71 at the time of writing. ETH/USD is vulnerable to further losses once the coin moves below the critical short-term support of $170.00.
Ripple’s XRP is mostly unchanged both on a day-on-day basis and since the beginning of Satrurday despite the sell-off on the market. XRP/USD regained some ground and settled above $0.2500 to trade at $0.2526 at the time of writing; The third largest digital asset with the current market value of $10.9 billion has been confined to to tight range recently.
Read also: Bitcoin price prediction: BTC/USD dives below $8,000, danger ahead - Bitcoin confluence
Author
Tanya Abrosimova
Independent Analyst
