Crypto General News

Cryptocurrency market cap dips to below $300 billion

The total value of cryptocurrencies fell below the $300 billion market cap as most of the major cryptocurrencies faced major lows.

Bitcoin, the number one cryptocurrency remains under $8000. A long-term support mark which many traders have kept their eye on, Bitcoin last traded at $7,913 at a  2.7{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9} low for the day.

Craig Mark the senior market analyst at Oanda says “The declining overall market cap is a reflection that people are withdrawing capital from the space.”

While also adding “After steadying, we are not seeing the same optimism as before and the path of least resistance is lower, not higher.”

In January this year, the fall in Bitcoin has erased many long-term and short-term support levels and each relief rally met resistance at the key moving averages. The current sell-off could leave Bitcoin vulnerable and may even challenge its February low of $6000.

Bitcoin has fallen 15{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9} on testing the 200-day moving average and is on track for a 4th consecutive day of loss. This trend line could spell danger to crypto traders.

On the other hand, Ethereum is the big loser among most cryptocurrencies. Ethereum is down 6.8{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9} for the day and is trading at $456. The smart contract cryptocurrency has failed to stabilize and reached to its lowest levels since 11th December 2017.

Bitcoin Cash is down 2{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9}  at $901, Litecoin is down 5.9{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9} at $140 and ripple is down to 58 cents.

About the author

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Joel Picardo

Joel Picardo is a crypto enthusiast, with almost 4 years of experience in this field, he is an expert freelance analyst and advisor. His passion for the crypto world combined with his immense knowledge motivated him to start Bittflex. He is a great asset and a fabulous manager of our project and has gone given it his all to make Bittflex a grand success.

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