The cryptocurrency market update: Bitcoin and major altcoins nurse significant losses, more pain ahead


  • Bitcoin (BTC) breaks to new multi-month lows in Asia.
  • Altcoins retain downside bias, following the lead of the first digital currency.

The cryptocurrency market has resumed the sell-off during early Asian hours after a short consolidation on the weekends. Bitcoin and all major altcoins are nursing losses on a day-to-day basis. The total cryptocurrency market capitalization crashed to $2180 billion; an average daily trading volume is increased to $113 billion. Bitcoin's market share settled at 66.3%.

Top-3 coins price overview 

BTC/USD dropped below $6,600 to trade at $6,570 at the time of writing. The first digital asset has lost over 9% on a day-to-day basis and 5% since the beginning of Monday. The next important support is located on the approach to $6,500. A sustainable move below this barrier will trigger the sell-off towards $6,000. 

BTC/USD, 1-hour chart


 
Ethereum's bearish trend is gaining speed. The second-largest digital asset with the current market capitalization of $14.5 billion, has settled at $133.00 after a recovery attempt towards $143.00 during early Asian hours. At the time of writing, ETH/USD down 11% on a day-to-day basis and 5% since the beginning of the day.

ETH/USD, 1-hour chart


  
Ripple's XRP has come dangerously close to $0.2000 during early Asian hours. At the time of writing, XRP/USD is trading at $0.269, down 10% in recent 24 hours. The recovery above $0.22 (the middle line of 1-hour Bollinger Band) will mitigate the initial bearish pressure. The critical support is created by a psychological $0.2000.

XRP/USD, 1-hour chart


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP