Crypto Market Update: Bitcoin Falls Towards $11k, ETH Down -11.75%, XRP Follows The Lead


Price Chart
Image: Price Charts

Crypto Market Update: Bitcoin Falls Towards $11k, ETH Down -11.75%, XRP Follows The Lead

The bear markets are particularly massive and still very much around, at least, for a few days.

BTC, as well as major alts, were seen fallen drastically in price, making lower highs and escaping below major support levels to establish lower prices within the last 12 hours.

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 -18.19%.

This market situation only spark the mind-blowing question of whether the recent bullish trend that was seen in bitcoin and a couple of other altcoins was a “mere” bubble as few analysis predicted and whether the short-lived bull markets are officially over?

BTC Shed More Than $800 In The Last 12 Hours

As against all indications, BTC broke the two major support levels at $12,100 and $11,600 marks respectively to establish a lower price below $11,500. Now trading at $11,497.83, BTC is currently looking to test the support level at the $11,000 mark area.

Bitcoin
Bitcoin Price Chart | Source: TradingView

Although BTC retained its market dominance at 65.33%, it has a market cap of $204.82 billion.

Ethereum Price Going Down

Ethereum was one of the alts which felt the pressure of the BTC crash. Although ETH previously rose alongside BTC, its corresponding pullback upon Bitcoin’s bear signal was correlating. At the time of writing, Eth had lost -12.21% in price and was traded at $271.42.

Ethereum Price Chart
Ethereum 1 day Price Chart | Source: TradingView

XRP Still In The Valley

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 significant $0.42 about 12 days ago to its present $0.33 price, ripple had fallen by 15.42% within the last 24 hours.

XRP price Chart
XRP 1 day price Chart | Source: TradingView
Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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 58 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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