The cryptocurrency market update: Bears resume the aggressive sell-off

Bitcoin (BTC) has come dangerously close to $8,000 on Tuesday.
Altcoins are mostly range-bound with bearish bias during early Asian hours.

Tanya Abrosimova Independent Analyst

The cryptocurrency market has resumed the sell-off after a short consolidation period. Bitcoin and all major altcoins are deep in red with Bitcoin Cash (BCH) and Bitcoin SV (BSV) being the worst-performers out of top-20 with 11% and 10% of losses on a day-to-day basis.

The total cryptocurrency market capitalization dropped to $222 billion from $234 billion this time on Monday; an average daily trading volume increased to $72 billion. Bitcoin's market share edged to 66.1%.

Top-3 coins price overview

BTC/USD broke below $7,990 on Tuesday to trade at $8,050 by press time. The first digital asset has lost over 4% of its value in recent 24 hours and 1.3% since the beginning of the day. Looking technically, the initial support is created by $8,060-$8,000 area, which includes the lower line of 1-hour Bollinger Band.

BTC/USD, 1-hour chart

Ethereum, the second-largest digital asset with the current market capitalization of $19.2 billion, has settled above $174.00 after a short-lived sell-off to $173.31 on Tuesday. ETH/USD has lost 2% since the beginning of the day, though it is 4.6% lower from this time on Monday. At the time of writing, ETH/USD is changing hands at $174.6-, while the initial support is created by the intraday low of $173.31.

ETH/USD, 1-hour chart

Ripple’s XRP touched $0.2408 on Monday amid global sell-off on the cryptocurrency market, but managed to recover to $0.2450 by the time of writing. XRP/USD, the third digital coin with the current market value of $10.7, has lost over 5% of its value since this time on Monday and 2.5% since the beginning of the day.