The cryptocurrency market update: Bitcoin and major altcoins succumb to bearish sentiments


  • Bitcoin is staying dangerously close to $10,000
  • Monero and Cardano are the worst-performing altcoin.

The global cryptocurrency market resumed the decline on Wednesday as failure to settle above critical technical levels discouraged short-term bulls and triggered some profit-taking. The total market capitalization dropped to $259 billion,  an average daily trading volume decreased to at $51 billion, while Bitcoin's market dominance retreated to $69.6%.

Top-3 coins  price overview

At the time of writing, BTC/USD is changing hands marginally above critical $10,000. The first digital asset has lost over 2% of its value since this time on Tuesday and stayed mostly unchanged since the beginning of the day. The coin is oversold on short-term time-frames, though the bearish sentiments are still dominant.

Ethereum, the second-largest digital asset with the current market capitalization of $19.3 billion, is changing hands at $179.30. ETH/USD has lost 1.2% in recent 24 hours and stayed unchanged since the beginning of the day. The coin has retreated from the intraday high of $182.44 and settled below critical $180.00.

Ripple's XRP is still locked in a tight range limited by $0.2600 on the upside and $0.2550 on the downside. The third-largest cryptocurrency asset with the market value of $11.1 has been mostly immovable both since the beginning of the day and on a day-on-day basis, though strongly bearish sentiments on short-term timeframe may cause an extended decline and push the pice below the support level. 

Read also: Cryptocurrencies price prediction: Bitcoin, Ripple & Ethereum - Asian Wrap 11 Sept

The biggest altcoin market-movers

Monero (XMR) and Cardano (ADA) are wors-performing asset out of top-20. Both coins have lost over 4% of their respective values. Huobi Token (HTT) has gained 3.% on a day-on-day basis.
 

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XRP drops below $0.3000, ETH at risk of an extended correction

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XRP/USD under $0.3000 after Ripple announces the investment in XRPL Lab

Ripple's XRP dropped below $0.30 after a failed attempt to settle above $0.3200 during early Asian hours. The coin has lost over 4% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. 

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ADA/USD bulls remained in control for the third straight day and the price is consolidating in a pennant formation. It’s current priced at $0.1443. The Elliott Oscillator has had seven straight red sessions.

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ETC/USD bears stayed in control for the fourth straight day. ETC/USD is currently priced at $7.13. The sellers are looking to get the price below the $7-level.The RSI is trending horizontally around 59.46.

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Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

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