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


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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dogecoin bulls hold the key for 40% gains

Dogecoin price has seen a massive surge after Elon Musk’s recent tweet revealed that he is working with the developers of the meme coin to improve its transaction efficiency. With DOGE approaching a critical point in its uptrend, more gains stand to be realized if buyers push through.

More Dogecoin News

Ethereum Classic targets $500 next

Ethereum Classic price surged by over 400% during the first week of May, creating a new all-time high at nearly $180. ETC has retraced since then by over 50% and is currently trading at $0.87. Now, this cryptocurrency seems prime to resume its uptrend as it tries to break out from a continuation pattern.  

More Ethereum Classic News

Ripple reversal could result in 30% advance

XRP price has witnessed a massive crash due to the Tesla-induced market crash on Wednesday. Now Ripple could either test the immediate demand barrier or slice through the supply zone to rally higher.

More Ripple News

Bitcoin clings to support, on-chain metrics show sellers' onslaught

Bitcoin price underwent a severe nosedive as Elon Musk revealed Tesla’s decision on accepting payment in BTC. This development was the major highlight of the week, with the recent mining difficulty adjustment coming in at a close second. 

More Bitcoin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast