BTC Price Crashes Below $8500, Eth Down 14.73%, Other Alts Crash Along

coin360.com
Source: coin360.com

BTC Price Crashes Below $8500, Eth Down 14.73%, Other Alts Crash Along

The crypto market is currently experiencing a massive market bleeding as the prices of many cryptocurrencies plunge down the charts. Among the top losers on a 24-hour scale are Bitcoin SV, EOS, Litecoin, Bitcoin Cash, XRP and Ethereum.

Among the top 10 cryptocurrencies, Bitcoin SV is seen to have made the most losses with 19.60% and immediately followed by EOS which has slumped by 17.56% within the last 24 hours. Tether showed the strongest resistance to a price lose by recording a negligible 0.12% price increase while BTC, which comes second in this category lost about 7.3% within the last day.
As it stands right now, the first 5 largest cryptocurrencies in terms of market capitalization have all dropped prices by at least 10% within the last 24 hours with BCH leading the pack at -21.71%

BTC Shed More Than $1k In The Last 24 Hours

As against all indications, BTC broke the two major support levels at $9,500 and $9000 marks respectively to establish a lower price below $9k. Now trading at $8,660 on messari, BTC is currently looking to test the support level at the $8,500 mark area. Although BTC retained its market dominance at 69.23%, it has a market cap of $158.43 billion.

btc price
Chart Source: Tradingview

Ethereum Price Going Down

Ethereum was one of the alts which felt the pressure of the BTC crash. Although ETH recently rose with BTC, its resulting pullback upon Bitcoin’s bear signal was correlating. At the time of writing, Eth had lost -17.21% in price and was trading at $171.61. Eth market dominance decreased to 8% while it market capitalization was maintained at 18.51 billion.

XRP Takes A Blow!

Ripple was the first to predict the inbound bearish signal about 2 weeks ago. While BTC and ETH cruised towards stardom, with XRP initially following the train, it suddenly took a bend in the opposite direction started its movement down the rail. From a tangible $0.31 about 5 days ago to its present $0.232 price, ripple had fallen by 17.42% within the last 24 hours.

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BTC Price Crashes Below $8500, Eth Down 14.73%, Other Alts Crash Along
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BTC Price Crashes Below $8500, Eth Down 14.73%, Other Alts Crash Along
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Market Update: BTC Price Crashes Below $9k, Eth Down 14.73%, Other Alts Crash Along...
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Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 246 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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