The cryptocurrency market update: Bitcoin and major altcoins resume the decline

Bitcoin (BTC) crashed below $8,900 amid strong bearish sentiments
Altcoins are mostly range-bound with bearish bias during early Asian hours.

Tanya Abrosimova Independent Analyst

Bitcoin and all major altcoins are in retreat during early Asian hours after a recovery attempt on Sunday. The total cryptocurrency market capitalization has not changed since this time on Wednesday. It is registered at $245 billion, the worth of the digital asset of $73 billion change hands daily on average. Bitcoin's market share dropped to 66.3%.

Top-3 coins price overview

BTC/USD hit the intraday high at $9,063 during early Asian hours and retreated to the area below $8,900 by the time of writing. The first digital coin has lost over 1% of its value on Monday, thought it is still in the green zone on a day-to-day basis. On the intraday charts, SMA50 (Simple Moving Average) on 15-min chart (currently at $9.030) served as a reversal point for BTC/USD. Unable to pass this barrier, the price reversed to the downside and slipped below SMA100 15-min.

BTC/USD, 15-min chart

Ethereum, the second-largest digital asset with the current market capitalization of $20.5 billion, is changing hands at $187.60 amid increased downside pressure. ETH/USD has gained about 1.5% since this time on Sunday and lost over 1% since the beginning of the day. Looking technically, ETH/USD may extend the downside towards $186.50 (SMA200 15-min chart).

ETH/USD, 15-min chart

Ripple’s XRP moved below $0.2800 handle. The third digital coin with the current market value of $12.1 has been in retreat after a failed attempt to settle above $0.3000 barrier. At the time of writing, XRP/USD is trading at $0.2760 and the downside momentum is gaining traction.