The cryptocurrency market update: Bitcoin and altcoins in retreat, more pain ahead

  • Bitcoin dropped below $8,000, trading with a short-term bearish bias.
  • Altcoins are moving without down in sync with the first cryptocurrency. 

The cryptocurrency market resumed the decline after a short-lived recovery attempt. Bitcoin and all major altcoins are deep in red, nursing losses from 1% to 5%. The market capitalization of all digital assets in circulation reduced to $209 billion from $216 billion on Sunday; an average daily trading volume settled at $48 billion. Bitcoin’s market share retreated to 67.5%. 

Top-3 coins price overview 

BTC/USD has lost nearly 4% both on a day-on-day basis and since the beginning of the day amid strong bearish pressure. The first digital coin settled below critical $8,000, which an unhappy development for short-term Bitcoin bulls. At the time of writing, BTC/USD is changing hands at $7,770. moving within a bearish trend amid receding volatility. We will need to see a sustainable move above $8,000 to mitigate an immediate bearish pressure.
Ethereum, the second-largest digital asset with the current market capitalization of $18.1 billion is sliding down in sync with the market. The coin has lost over 2% in recent 24 hours to trade at $166.70 at the time of writing. ETH/USD touched the low of $165.44 during early Asian hours before recovering above $166.00.  The short-term trend is bearish as long as ETH/USD stays below $170.00.
Ripple’s XRP is locked in a tight range. The coin is hovering around $0.2400 handle, demonstrating relative strength amid general market sell-off.The third largest digital asset with the current market value of $10.3 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of Monday.

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