As this new week commences, the prices are flashing red across the board. Albeit Bitcoin dominance continues to rise, we can’t say the same for its price. Bitcoin continues to correct downwards this Tuesday although it’s a moderate rise from $9,900 it hit earlier. Currently, it has shed 4.52% in the last 24 hours and is trading at $10,448 as per data from CoinMarketCap.
However, crypto-analyst and trader Josh Rager cited that oftentimes, bitcoin plunges right before a weekly close and it was the case yesterday. He tweeted, “And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or a dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally.” In another tweet, he gave a stark reminder to his followers that bitcoin trading at four digits “is a gift”.
It’s All Gloom And Doom For Altcoins, But For Tether
As far as the top 20 altcoins are concerned, the overall picture is uglier. This bitcoin downtrend has seen altcoins wallow in a bottomless blood bath. The second-largest coin by market cap, Ethereum has dipped by 6.88% in the last 24 hours. ETH is currently trading below the $230 level and a further downtrend is likely. At press time, ETH is trading at $220.64.
Ripple’s XRP has seen lesser losses compared to ETH and Bitcoin (BTC). In the last 24 hours, XRP has declined by 2.15%. However, it has dipped below the key support level at $0.32. It is presently trading at $0.30. If it crosses the $0.32 level, it may stir a decent recovery. On the contrary, if it does not correct upwards above $0.32, a further price slump could ensue.
Litecoin has also received a big blow. LTC has dipped by 6.74% in the last 24 hours and is currently trading below $90. With just a few days to Litecoin’s block reward halving, traders would expect FOMO halving for litecoin but the bears are winning at present.
Justin Sun, Tron CEO, recently announced that Tron hit another milestone. According to data from TRONSCAN, a peripheral arm that explores and monitors all of Tron activities, Tron accounts have surpassed 3.3 million and have reached 3,304,517 presently. Nevertheless, TRX has dipped by more than 5% and is trading at $0.024. An upside recovery seems unlikely in the near-term.
As cryptocurrencies succumb to selling pressure, the total market capitalization has dipped by more than $35 billion. The market cap had even tested the $268 billion valuation level.
However, the overall market cap is currently correcting upwards and is now at $280 billion. On the other hand, bitcoin is showing a sputtering momentum and will likely remain the case for other altcoins as well until bulls recover lost ground.