Categories: Bitcoin News

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. Some traders were apprehensive of Bitcoin another move to $10,000; instead, it broke below $8000.

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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.

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

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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.

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.

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. 

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst 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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