It is a free fall in the overall cryptocurrency market where eight out of the top ten digital coins are trading in a double-digit drop in the 24-hour period. There is no respite for the depressing market sentiments as the seven-day loss is worse than the one-day loss. As the bitcoin[crypto coins=”BTC” type=”text” show=”percent”] price started to trade below the $5,000 mark, there is a threat of the digital coin losing further ground and leads further sluggishness in the overall sentiments. Some relate current market collapse with a matter of upcoming Bakkt and ETFs as institutions don’t want to buy assets expensive so market makers drag the price down to shake out all weak hands.
The most valuable digital coin, Bitcoin[crypto coins=”BTC” type=”text” show=”percent”], is trading down 15.33 percent at $4,519.45 at the time of writing. In fact, at one point in time, the virtual asset shed more than two percent in the one-hour trading period. Currently, the loss is 0.68 percent only. For the seven-day period, the cryptocurrency plunged 29.01 percent thus triggering more worries among traders and investors. The latest trend suggests that bitcoin[crypto coins=”BTC” type=”text” show=”percent”] price could get support at below $4,000 levels.
According to Tomas Salles, crypto expert of FXSreet,
“The second downward target is at the price level of $4,450 (price congestion support). This congestion zone began to form in August 2017 and extended its influence until the end of September. Below this price level, the BTC/USD would not find a new strong support level up to $3,676.76 (price congestion support).”
The trend indicated that whatever bullishness seen by the supporters is vanishing steadily as the virtual asset lost roughly three-fourths from the high seen in December 2017.
Total Market Cap
The total cryptocurrency market cap witnessed a drop of 17.0 percent to about $145.10 billion in the 24-hour period. There were also reports indicating that investors are acquiring bitcoin, as well as, XRP[crypto coins=”XRP” type=”text” show=”percent”] even as the market is trading down sharply. Though XRP[crypto coins=”XRP” type=”text” show=”percent”] has lost 12.16 percent and 4.72 percent in the 7-day and 24-hour periods, the virtual asset managed to gain 5.86 percent in the one-hour trading time.
Similarly, Stellar[crypto coins=”XLM” type=”text” show=”percent”] gained 3.46 percent in the one-hour trading period and plunged 24.73 percent and 13.45 percent in the one-week and one-day periods respectively. Bitcoin cash[crypto coins=”BCH” type=”text” show=”percent”], which attracted hectic trading activities before the hard fork, has plunged 43.49 percent in the 24-hour period whereas the seven-day loss is more than 60 percent. In the one-hour period, the loss narrowed to 0.31 percent. On the other hand, tether[crypto coins=”USDT” type=”text” show=”percent”] has shed 1.93 percent, 2.78 percent, and 1.78 percent in the one-week, one-day and one-hour periods respectively.