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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Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

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ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

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NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

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