The cryptocurrency market update: Bitcoin (BTC) consolidates losses at $7,400


  • Bitcoin (BTC) has settled marginally above critical $7,400 during early Thursday hours.
  • Altcoins are deep in red, nursing losses from 2% to 8%.

The cryptocurrency market is deep in red with bitcoin (BTC) and all major altcoins nursing losses from 2% to 8%. While the sell-off has slowed down, the market is still dominated by bearish sentiments. At the time of writing, the total cryptocurrency market capitalization is registered at $202 billion, down from $217 billion the day before; an average daily  trading volume catapulted to $81 billion from $59 this time on Wednesday; Bitcoin's market share dropped to 65.9%.

Top-3 coins price overview 

BTC/USD has been consolidating losses from a sharp-sell-off on Wednesday taht took the price of the first digital coin to $7,400. A sustainable breakthrough below the support of $7,800 strengthened by SMA200 (Simple Moving Average) on a weekly chart, worsened the short-term technical picture. The nearest support now comes at $7,400. Once it is out if the way the sell-off may continue towards $7,000.
 
Ethereum, the second-largest digital asset with the current market capitalization of $17.5 billion,  has lost over 3% of its value on a day-to-day basis to trade at $161.60 at the time of writing. Looking technically, ETH/USD has recovered from the intraday low of $158.90, though it is still moving within a short-term downside trend with expanding volatility.
  
Ripple’s XRP slipped below $0.2700 during early Asian hours amid global sell-off on the cryptocurrency market. While the coin managed to recover to $0.2715 by press time, it is still over 5% lower from this time on Wednesday. Ripple is the third largest digital asset with the current market value of $11.7 billion  with an average daily trading volume of $2.1 billion.

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