Cryptocurrency Market Update: Bloodshed as Bitcoin, Stellar and Bitcoin Cash plummet

The cryptocurrency market stability is on the verge of collapse. Cryptoassets have for several weeks experienced low volatility led by Bitcoin (BTC). However, some selected cryptoassets such as Stellar, Ripple, Cardano and Dogecoin were on an upward roll last week. At the time of writing, most of these altcoins are retreating from the July posted highs.

Bitcoin market update

The largest cryptocurrency Bitcoin is trading 0.47% lower on the day after failing to break the resistance at $9,250 on Tuesday. The downtrend has refreshed the levels under $9,200. Although Bitcoin is trading at $9,193, it is not out of danger because losses are likely to retest $9,100 and $9,000 respectively.

Read more: Cryptocurrency Market News: Hashrate rally to all-time high precedes Bitcoin surge eyeing $10,000

Stellar market update

Stellar exploded to a new 2020 highs at $0.1014 but failed to hold above $0.10. XLM/USD has in July alone added more than 27%. The retreat from the highest levels in July found support at $0.0850 (June highs). A bounce from the short term support is underway with the bulls working hard to push the price back above $0.10. For now, the bulls might have managed to save Stellar a gruesome trip to the main support at $0.0600 but only gains above $0.10 will guarantee continued progress.

Bitcoin Cash market update

Bitcoin Cash is among the worst-hit coins in the market. It has retreated 1.5% on the day from $231.98 (opening value) to $228.92 (prevailing market value). The dominant trend at the moment is bearish with losses likely to test support at $225.

Unfortunately, the general picture across the market is in the red with very minimal signs of recovery. Volatility might have returned to the cryptocurrency market but sellers are taking advantage.

Chart of the day: XLM/USD daily