The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red

  • Bitcoin is hovering at $9,800 with short-term bearish bias
  • Altcoins are under strong selling pressure.

The cryptocurrency market is a sea of red today as Bitcoin and major altcoins - with some notable exceptions - are falling down rapidly. The total market capitalization of all digital assets in circulation dropped to $263 billion;  an average daily trading increased to $67 billion, while Bitcoin's market dominance retreated to 67.4%, which is the lowest level in more than a month.

What’s going on in the market

North Korea wants to create its own digital currency to escape international sanctions and bypass the dollar-based financial system

Read more: North Korea builds its own version of Bitcoin

Top-3 coins  price overview

At the time of writing, BTC/USD is changing hands at $9,870, having recovered from the intraday low registered at $9,600. The first digital coin has lost about 3.5% of its value in recent 24 hours and settled below critical $10,000 amid high market volatility.

Ethereum, the second-largest digital asset with the current market capitalization of $22.4 billion has lost over 3% in recent 24 hours and 1.7% since the beginning of the day to trade at $208.87. A strong growth above critical $200.00 improved the longer-term technical picture; however, we will need to see a recovery above $210.00 to mitigate the immediate bearish pressure. 

Ripple's XRP dropped below critical $0.30 amid strong technical correction from the intraday high of $0.3127. The coin is down 6% since the beginning of the day and 2% in recent 24 hours.

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BTC/USD has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels. 

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XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

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ETH/USD may return to $220.00 before another strong rally

Ethereum tested $247.93 during early Asian hours and retreated to $247.70 by the time of writing.  The second-largest digital asset has gained about 1% of its value since the start of the day and stayed unchanged since the beginning of the day.

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IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades.

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Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast