Bitcoin (BTC) has been bearish for the past four months. After hitting its Year to date all-time high, its been on a free fall, breaking major support lines. The same can be said about Ethereum (ETH) and XRP cryptocurrencies. A recent hit on the market sees over $10 billion wiped out of the market in a few minutes.
Bitcoin Drops Below $7,600
Bitcoin, which has been trading in something similar to a sideways market since the 27th of September, has finally made headway.
This, however, is certainly not what everyone expected. Bitcoin, which had tried to stay above the $7,700 mark, finally breaks further down and could be eyeing $7K or even the $5K price levels.
Ethereum Takes A Hit
Ethereum ranked the second cryptocurrency by market capitalization also takes a hit. The cryptocurrency, which rose to its peak this year of about $400, is currently trading at about $160.
However, ethereum trades presently at a level which it’s held firmly sometime in May and September 2019. However, a close below this mark could be disastrous, sending the cryptocurrency further down – aiming at $120 or possibly $100 marks.
Ripple’s XRP Isn’t Left Out
The Ripple’s XRP isn’t left out. XRP, after it reached a peak of $0.50, has received an extensive negative blow. The cryptocurrency currently trades at $0.27, a -46% drop from its years high. A further bearish impact could see the coin trade at $0.25 or possibly down towards the $0.20 mark.
Summing-Up The Market
It’s quite uncertain at the moment what could have caused the recent drop; however, as reported by ZyCrypto, citing Joseph Young, a famous analyst, that bitcoin investors are exhausted. The present situation could be a result of investors’ exhaustion as they pull out major investments from the cryptocurrency market.
Regarding XRP, there may be some hope at the end of the tunnel as the community awaits the commencement of the SWELL conference scheduled for the beginning of next month. This event is said to be a significant price booster of the XRP token.