The cryptocurrency market heads to the South as Bitcoin settles below $8,000

Bitcoin has settled below $8,000, the short-term trend gains traction.
Altcoins follow the lead, move to the red zone.

The cryptocurrency market resumed the decline after a short-lived recovery attempt. Bitcoin slipped below $8,000 and dragged down most of the altcoins. The market capitalization of all digital assets in circulation dropped to $215 billion from $216 billion on Saturday, while an average daily trading volume edged up to $43 billion from $42 billion the day before. Bitcoin’s market share dropped to 67.0%.

Top-3 coins price overview

BTC/USD has lost over 3% of its value since the beginning of Sunday. The first digital coin broke below $8,000 for the first time since September 30. BTC/USD touched the intraday low at $7,890 with the downside momentum seems to be gaining traction. The next critical support is located at $7,700, which is the lowest level of the previous week.

Ethereum, the second-largest digital asset with the current market capitalization of $18.8 billion, has also lost nearly 3% since the beginning of the day, to trade at $171.71 at the time of writing. ETH/USD is vulnerable to further losses once the coin moves below the critical short-term support of $170.00.

Ripple’s XRP is mostly unchanged both on a day-on-day basis and since the beginning of Satrurday despite the sell-off on the market. XRP/USD regained some ground and settled above $0.2500 to trade at $0.2526 at the time of writing; The third largest digital asset with the current market value of $10.9 billion has been confined to to tight range recently.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.