The Cryptocurrency Market Update: Bitcoin resumes the decline, altcoins follow the lead
- Bitcoin (BTC) resumed the decline after staying in a range during the weekend.
- Altcoins are moving in sync with the first digital currency.
The cryptocurrency market has been sidelined during early Asian hours. Bitcoin and all major altcoins are moving inside the ranges after a volatile week. The total cryptocurrency market capitalization settled at $202 billion unchanged from this time on Sunday; an average daily trading volume decreased to $58 billion. Bitcoin's market share settled at 66.4%.
Top-3 coins price overview
BTC/USD bulls faced stiff resistance at $7,900. The coin came close to the barrier twice but failed to break higher. This resistance is reinforced by the middle line of the daily Bollinger Band. Once it is broken, $8,000 will come int focus. Meanwhile, BTC/USD is changing hands at $7,280 at the time of writing, down 1.4% since the beginning of the day, and unchanged on a day-to-day basis.
BTC/USD, 1-hour chart
Ethereum is trading at $148.30, off the recent high registered at $158.05. The second-largest digital asset, with the current market capitalization of $16.6 billion, lost nearly 2% of its value since the beginning of the day. Ethereum's further upside is limited by a psychological $155.00, while the ultimate resistance is located on the approach to $160.00 (the lower line of the previous consolidation range). The initial support comes at Sunday's low of $146.26.
ETH/USD, 1-hour chart
Ripple's XRP topped at $0.2326 on November 30. Since that time, the third digital coin with the market value of $9.6 billion retreated to $0.2220. XRP/USD is moving in sync with the market. The nearest support is located at a psychological $0.2200. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2100.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
