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The Cryptocurrency Market Update

In Asia, Bitcoin managed to break to new multi-month lows. The downside bias was still retained by the altcoins. This followed the lead of the first virtual coin.

The Crypto Market In General

During the early trading hours, the crypto market resumed the sell-off session. This followed a brief consolidation that was witnessed over the weekend. At the moment, BTC and other top crypto coins are nursing some major losses on the trading charts.

The losses are categorized on a day-to-day basis. The total market cap for the crypto coins crashed to $2180 billion. However, the average daily trading volume gained some new numbers to hit $113 billion. The market share of BTC then settled at an impressive 66.3%.

The Overview Of The Three Leading Coins

The pair of Bitcoin and US Dollar dropped below the price of $6,600. The pair is currently trading at $6,773.14. Bitcoin has lost more than 9% on a daily basis. And since the start of the day, this first coin has lost 5% on its trading charts. The next crucial support is now sighted on the approach of the market price of $6,500.

Any sustainable move below this barrier might trigger some changes. One of the major changes includes a sell-off towards the price of $6,000. Ethereum is also another coin that has been recording some improvements. It is still the second largest crypto coin. At the moment, its market capitalization stands at $14,5 billion.

How Ethereum Has Been Doing

The bearish trend for this crypto coin has been gaining certain speed in the last couple of hours. During the early trading hours, this coin made some recovery attempts towards the price of $143.00.

But after these attempts, the coin finally settled at $139.00. Currently, the pair of Ethereum and the US Dollar has declined on the day-to-day basis by 11%. Since the day began, the coin has declined by 5%.

Bitcoin

What About Ripple?

During the early trading hours, Ripple’s XRP came very close to $0.2000. It has since dropped by 10% in the last 24 hours, and now trading at $0.269. The coin has initiated a recovery above the middle line of the one-hour Bollinger Band, approximately above $0.22. This is expected to mitigate the first bearish pressure.

The critical support for the coin has been created by coming close to $0.2000 earlier on. Litecoin has also not been forgotten. This coin’s bears have made a swing towards the support area of $40. This has been seen amidst high levels of volatility that has been recorded all across the market.

As of today, the technical levels for the coins have remained bearish. There is an affinity for the crypto coin to drop at its highest any time.

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