The past thirty minutes to press time has been pretty crazy for bitcoin and the crypto markets. Top coin, Bitcoin dropped more than six percent on the day, erasing gains that it had accumulated in the past weeks.
As revealed in the graph below, the coin traded within $7400 range until a turnaround that pushed it below the $7000 support. Within the said period, the coin even found itself below $6900 but has since battled to live within the $7000 range.
Press time price was $7006 while experts tip the dominant cryptocurrency to avoid a downtrend to mid-$6,000 if it can make a rebound to $7200 or $7300 within the next 12 hours – 24 hours.
Bitcoin Downtrend Hit Ether (ETH), XRP, XLM, and Others
As is always the case, the massive loss in bitcoin value resulted in significant losses for other major coins.
This data from Coin360 shows that ETH is the biggest loser amidst the red markets. After looking likely to break the $300 hurdle, the coin has hit a four-month low. Even though the decline is attributed to a massive sell-off of ETH on Bitfinex, the coin obviously has suffered more losses as a result of BTC decline.
There is also a possibility that the sell-off on Bitfinex has created panic among bitcoin owners and led to sell-off which encouraged the red markets.
XLM is the most insignificant loser among the top ten coins with 4.16% decline on the day. On a more sour note, Monero and Cardano come closest to ETH as the top losers with 9.7% and 9.3% losses.
Will an equivalent bounce back in the cryptomarkets follow?
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