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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP