Crypto market overview: Bitcoin bulls lick wounds, altcoins spiralling down
- All major coins are in decline during Asian and European hours on Thursday.
- EOS and Chainlink are the biggest losers out of top-20 coins.
Bitcoin stays unchanged, while the vast majority of altcoins are in decline. The total market capitalization has reduced to $169 billion, down from $171 billion on Monday. The average daily trading volumes climbed to $44 billion from $39 billion the day before.
Top-3 coins price overview:
Bitcoin stays around $9,600 ahead of the US opening, mostly unchanged since the beginning of the day and down 6% since this time on Wednesday. From the short-term perspective, the world's biggest digital coin has a downside bias, while expanding volatility increases the chances of sharp moves in either direction.
Read also: Bitcoin Price Analysis: Bart Simpson pattern implies BTC price manipulations
Ethereum staged an impressive sell-off towards $252.00. The second-largest virtual coin has lost over 2% in recent hours, and nearly 9% since this time on Wednesday. The bearish trend is gaining traction, which means, $250.00 may come into focus soon.
Read also: Ethereum Price Analysis: ETH/USD creates double-top formation, risks further sell-off
Ripple's XRP slipped below $0.2700 to trade at $0.2660 by press time. The third-largest coin has been trading with bearish bias during Asian and European hours in sync with the market.
Read also: XRP/USD to fall off a cliff if this chart pattern plays out
The biggest market-movers:
EOS and Chainlink (LINK) are the worst-performing altcoins on a day-to-day basis. Both coins lost over 12% in the recent 24 hours. Ethereum Classic (ETC), Tron (TRX) and Litecoin (LTC) are down 10%.
The market is driven by position liquidations on large exchanges and speculative sentiments.
Author
Tanya Abrosimova
Independent Analyst
