Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit

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Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit

Bitcoin was trading around the $8000 range since 13th May as the bullish momentum on Bitcoin peaked in the next couple of days. The yearly high recorded on Bitcoin [BTC] is $8390-$8410 on 14th May 2019. Nevertheless, like most times, this rise was also followed by a fall. Some traders were apprehensive of Bitcoin another move to $10,000; instead, it broke below $8000.

Bitcoin was trading around $7800-$8000 since yesterday. Bitcoin broke below this level rather hard, the 4-hour candlestick recorded a low of $6178, ove 20% decline. It soon made some recovery as traders rushed to buy the dip. The price of Bitcoin [BTC] at 4: 00 hours UTC on 17th May 2019 is $7348. It is trading 9.33% lower on a daily scale.

Furthermore, the candle-sticks also suggested that a ‘hanging man’ was followed by a huge bearish bottom.

BTCUSD
BTC/USD 4-Hour Chart on Coinbase (TradingView)

The altcoins had risen for the past two days after Bitcoin broke away from $8000. The market dominance of Bitcoin of decreased considerably as most altcoins recorded yearly highs on 15-16th May 2019.

Also Read: Bitcoin Pizza Day – ’60 Minutes’ Magazine Interviews Man Who Spent 10000 Bitcoin for Pizza in 2010

Ethereum [ETH], Litecoin [LTC] and Bitcoin Cash [BCH]

The losses on Litecoin [LTC] and Bitcoin Cash [BCH] were around 12% as all altcoin traders seem to be abandoning ship, booking profits from yesterday and due to the FUD (Fear, Uncertainty, and doubt) of a massive impending correction in Bitcoin prices.

Ethereum also broke below $250 as well. The price of Ether [ETH] at 4: 20 hours UTC on 17th May 2019 is $245. It is trading 6.44% lower on a daily scale.

ETHUSD
ETH/USD 1-Day Chart on Coinbase (TradingView)

The losses in Tron [TRX], Cardano’s [ADA] and EOS were in double digits as well. TRX losses were highest amongst them at about 16.7%. Nevertheless, the losses on ADA and EOS were 13.5% and 9.3% respectively.

XRP broke Below $0.4; Other Altcoins Drop As Well

The cryptocurrency which initiated the altcoin run this week with massive gains above $0.32 touched $0.48 on 16th May 2019. However, it pulled back along with Bitcoin as price over 15% in the last few trading sessions.

XRPUSD
XRP/USD 1-Day Chart on Bitstamp (TradingView)

Stellar [XLM] which was one of the biggest gainers yesterday recorded 13.45% losses at 4: 30 hours UTC on 17th May 2019. The price of XLM broke below $0.13.

The other altcoins apart from a very few plummeted to similar degrees. The average rate of decline in the cryptocurrency market was around 11.5%.

The dominance and total market capitalization of Bitcoin were around $130 billion and 56.2% at press time. The total market capitalization of cryptocurrencies which was above $260 billion yesterday, fell below $230 billion.

Do you think bearish momentum will take over now or traders will fill in to buy the dip? Please share your analysis with us. 

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Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit
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Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit
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Bitcoin was trading around the $8000 range since 13th May as the bullish momentum on Bitcoin peaked in the next couple of days. The yearly high recorded on Bitcoin [BTC] is $8390-$8410 on 14th May 2019. Nevertheless, like most times, this rise was also followed by a fall.
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 602 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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