Bitcoin plummets another 5% today as the ego war of hashes keeps raging within Bitcoin Cash and seemingly continues to impact cryptocurrency markets. All major altcoins taking even bigger hits than bitcoin.
In the last 24 hours, crypto market lost another $14 billion. The strong losses in the major cryptocurrencies have kicked the total market capitalization down to a 13-month low of $172 billion. In the last week, the total market cap has slipped by more than $30 billion.
Cryptocurrencies have been in a prolonged slump since the beginning of the year and have not been able to launch a proper recovery effort since then.
BTC hovered around the $6,000 level of BTC for more than six months and each time BTC dipped to the range of $5,800 to $6,200, it rebounded back to the mid-$6,000 region. This time it is different, it will be a steep climb up to the $6k level again.
Altcoins are getting smashed even harder, even the resilient XRP can’t fight off the bears this time, dropping 7.5% on the day. If there is a successful close above the $0.5000 and $0.5050 resistances, the XRP price could resume its upward move. Conversely, if buyers fail to push the price above $0.4900 and $0.5000 levels, there might be more losses in the near term. The next major support is at $0.4700, below which ripple price may decline towards the $0.4500 level.
Cardano is plunging down the digital drain, with another 12% of value lost today. ADA/USD is likely to decline further towards the $0.0530 level.
EOS, Tron, Litecoin and Monero are all losing over 8% on the day. The only winners are stable coins, not only Tether but others like TrueUSD, Dai and Paxos as well.
One altcoins jumps out when scrolling down the red markets – Factom, that is up more than 30% on the day. The rise is spurred by the potential partnership with Equator Homes, a real estate giant that caters to real estate agents.
Dogecoin price has risen by just 0.3% in USD value, however a noticeable uptrend can be spotted in the DOGE/BTC pair. The favorite crypto joke has gained 4% on Bitcoin in just a few hours.
Third biggest crypto Ethereum has been trading in a bearish zone and it seems like it could drop further towards $165.00 and $160.00 range. In case it corrects higher, the previous supports at $172.00 and $177.00 are likely to act as strong resistance for buyers.