Home » Crypto market update: Bitcoin and most altcoins start sell-off

Crypto market update: Bitcoin and most altcoins start sell-off


After a brief period of consolidation, pioneer cryptocurrency Bitcoin and major altcoins continued the bear movement on Sunday. The coins in the top 20 experienced losses ranging from 1.5% to 5% on a daily basis. The current market cap of all virtual assets in circulation dropped from $254 billion to $249 billion on Saturday. However, the average daily trading volume fell to $55 billion amid increasing volatility on the market.

Overview Of The Top 3 Coins

BTC/USD fell to $7,730, losing more than $200 of its value in minutes. For now, the cause of the massive sell-off is still unknown, a strong drop below $7,800 mark has aggravated the short-term technical picture. Right now, Bitcoin is hovering in the range of $7,770, it fell 2.5%.

Ethereum, the second biggest digital asset with the current market cap of $25.6 billion, dropped below the $240 mark after an initial effort to go beyond $245. Ethereum has lost more than 3.6% in just 24 hours, which is in sync with what’s going on in the market.
Ripple’s XRP hovered above $0.40 despite massive sell-off all through Sunday. The 3rd largest coin with the current market cap of $17.1, has lost about 3.5% as at this time on Saturday.

The Biggest Market-Movers

The worst performing cryptocurrency is NEO, with almost 5% of losses in about 24 hours. The 18th largest crypto with the current market cap of $823 million is being traded off at $1.69 but with a bearish bias.

TRON (TRX) is another big loser today. The 12th largest crypto coin with the current market cap of $2.1 billion has lost more than 4.5% in 24 hours, now it’s traded at $0.0317.

Source: https://www.fxstreet.com/cryptocurrencies/news/cryptocurrency-market-update-bitcoin-and-major-altcoins-resume-the-sell-off-201906091303

About the author

Jo Arazi

Jo Arazi

Jo is a seasoned writer and analyst of the cryptocurrency market with several years of experience writing for various blogs and websites worldwide. He has worked with several crypto startups and is a supporter of credible crypto projects worldwide.

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