Cryptocurrency market update: Bitcoin and major altcoins resume the sell-off

After a short period of consolidation, Bitcoin and all major altcoins resumed the downside movement on Sunday. The top-20 coins are nursing losses from 1.5% to 5% on a day-on-day basis. The current market capitalization of all digital assets in circulation slipped to $249 billion from $254 billion on Saturday,  while an average daily trading volume reduced to $55 billion amid growing volatility on the market.

Top-3 coins  price overview

• BTC/USD dropped to $7,730, losing over $200 of its value in a matter of minutes. While the cause of the sell-off is unknown, a strong move below $7,800 has worsened the short-term technical picture. At the time of writing, the first digital coin is hovering at $7,770, down 2.5% on a day-on-day basis.
• Ethereum, the second largest digital asset with the current market capitalization of $25.6 billion, dropped below $240 handle after an initial attempt to recover above $245. The coin has lost over 3.6% in recent 24 hours, moving in sync with the market.
• Ripple's XRP stays above critical $0.40 despite strong sell-off during Sunday hours. The third largest coin with the current market capitalization of $17.1, has lost 3.5% form this time on Saturday.

The biggest market-movers

• NEO is the worst performing cryptocurrency, with nearly 5% of losses in recent 24 hours. The 18th largest cryptocurrency with the current market capitalization of $823 million is changing hands at $1.69 with a bearish bias.
• TRON (TRX) is another loser of the day. The 12th largest coin with the current market capitalization of $2.1 billion has lost over 4.5% in recent 24 hours to trade at $0.0317 by press time.