Following a weekend of choppy trading action, the cryptocurrency markets have established a fresh leg down, erasing most of their gains incurred through the recent relief rally that sent the markets up 10% or more from their recently established 2018 lows.
At the time of writing, Bitcoin is trading down 7% at its current price of $3,860, down over 12% from its recent highs of $4,400.
In late-November, Bitcoin set its 2018 low at approximately $3,600 on the aggregated markets, and since then this level has acted as support. Presently, Bitcoin is sitting just 7% over this support level, and its current downwards momentum may drive its price down to this region.
Today’s drop has brought the overall cryptocurrency market capitalization down to $125 billion, which is just $10 billion above its 2018 low of just under $115 billion.
Despite the recent market conditions weakening the industry’s sentiment and causing many investors to lose confidence in the markets, one industry insider is quick to remind investors that the current price action isn’t unprecedented and has been seen before in crypto’s brief history.
Cryptocurrency Markets Drop in Value Once Again
It’s another day of trading within the digital asset economy as traders patiently wait for cryptocurrencies to make the next big market move. Prices are lower today after bulls attempted to move higher a couple of times over the weekend. This Monday, Dec. 3, the top 10 digital currency markets are down 3-11% over the last 24 hours. Bitcoin core (BTC) markets are down 6.5% today but are still up 0.87% over the last seven days.
At the time of publication, one BTC is being swapped for $3,889 and the currency’s overall market valuation is just above $67 billion. Ripple (XRP) still commands the second position among the top digital assets and one XRP is trading for $0.35. The third largest capitalization, held by ethereum (ETH), is down 7.3% today. Ethereum has an average price of $108 per coin and an overall market valuation of $11.2 billion. Stellar (XLM) has managed to capture the fourth spot from bitcoin cash (BCH) but is down 6.7% over the last 24 hours. One XLM is being swapped for $0.15 per coin and the market is still up over 2% for the entire week.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) markets are down 7.2% over the last day and have lost over 15% this week as well. One BCH is trading for roughly $155-165 per coin and is down to its lowest value in over a year. At the moment, BCH markets have a capitalization of around $2.8 billion and global trades this Monday are capturing $67 million.
BCH trade volume is significantly lower than usual because it was roughly $120 million five days ago. This has put BCH in the 15th position, when it once commanded fifth position in 24-hour trade volume for weeks on end. Ethereum is dominating BCH trades this Monday by 63% out of all bitcoin cash swaps worldwide. This metric is followed by trading pairs like BTC (24%), USDT (8.9%), JPY (1.7%), and the KRW (1%).
Source::: Newsbtc & Bitcoin.
Author: Temitayo Olojede , email@example.com