All Cryptos See Major Losses as Market Hit by Distinctly Unfestive Correction

Friday, Dec. 25 — crypto markets are lacking in Christmas cheer, with many major crypto assets hit with double-digit losses. Virtually all of the top 100 coins by market cap are in the red, as data from Coin360 shows.

Market visualization by Coin360

Largest cryptocurrency Bitcoin (BTC) has plummeted over 9 percent on the day, and is trading at $3,812 as of press time, according to Cointelegraph’s Bitcoin Price Index. After bullish growth yesterday, Christmas eve, to break over $4,236, the top coin has been trading as low as $3,755 in the trading hours before press time — an around $500 drop.

Over these past seven days, Bitcoin’s trading pattern has been characterized by high volatility — veering between reclaiming the $4,000 price point and beyond, to dipping back down towards the $3,700–$3,800 range.

While the coin is still a strong 17.2 percent higher than its value at the start of its weekly chart, on the month, Bitcoin is down by around 12 percent.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Second-largest crypto by market cap Ripple (XRP) has fared even worse, shedding a stark 15 percent over the 24 hours before press time, according to Cointelegraph’s Ripple Price Index. The asset is currently trading at $0.38 — following an intraweek peak at $0.45 yesterday. On its weekly chart, Ripple is nonetheless a strong 31.5 percent in the green, with monthly losses at a mild 7 percent.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ethereum (ETH) — ranked third by market cap — has lost over 18 percent on the day and is trading at $127 to press time. During yesterday’s mini-rally, Ethereum had broken above $150 — its highest price point in around five weeks.

Ethereum is a bullish 51.5 percent in the green on its weekly chart, and it has inched into green on the month, up by around 5 percent.

Yesterday’s price hike in the context of Ethereum’s 3-month price chart. Source: Cointelegraph’s Ethereum Price Index

Fourth-largest cryptocurrency Bitcoin Cash (BCH) is down around 20.7 percent and is trading at $164 as of press time. Having seen astonishing volatility as of late, the coin is around 113 percent up on its weekly chart — and down by around 27 percent on the month.

Newly-forked Bitcoin SV (BSV), currently ranked ninth largest cryptocurrency, is down around 15 percent at $93, according to CoinMarketCap data.

Including BTC, XRP, ETH and BCH, sixteen of the top twenty coins on CoinMarketCap are down by between 10 and 19 percent on the day. Stark losses have hit cryptos such as Litecoin (LTC) — down almost 12 percent at $31.09 — IOTA (MIOTA) — down 14 percent at $0.33 —  and Cardano (ADA), down 16 percent at $0.04.

Dash (DASH) is down by around 16 percent at $82; Ethereum Classic (ETC) is down around 13 percent at $4.72. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 10.8 and 12 percent, at $50.5 and $61.57 at press time.

Total market capitalization of all cryptocurrencies is at $128.8 billion as of press time — having hit over $147.8 billion yesterday. It nonetheless remains up from a low of $114.2 billion at the start of the 7-day chart on Dec. 18.

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, news broke that Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector, after reporting an “extraordinary loss” in Q4 this year, amid the unrelenting crypto bear market.

On a more positive note for adoption, blockchain protocol TRON (TRX) passed one million user accounts this week, even as the token has not been spared today’s blisteringly red markets.

Article First Published here

Bitcoin (BTC) Price Watch: Bulls Defending Correction Level

Bitcoin Price Key Highlights

  • Bitcoin price is still in correction mode but appears to be finding support at the nearest Fib.
  • A bounce from current levels could take it back up to the swing high and beyond.
  • A move lower, on the other hand, could indicate that a deeper pullback from the uptrend is in order.

Bitcoin price has pulled back from its rally and could be due to resume the uptrend if the 38.2% Fib holds as support.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. However, the 100 SMA appears to be turning from its climb and is narrowing the gap between the 200 SMA. This could be indicative of slowing bullish momentum.

For now, bitcoin price appears to be finding support at the 38.2% Fib but has yet to show more bullish traction on the bounce. A larger pullback may be in order, possibly until the rising trend line connecting the latest lows and the 200 SMA dynamic inflection point. This is also around an area of interest or former resistance at $6,800 to $7,000.

RSI is already indicating oversold conditions, though, or that sellers are tired and ready to let buyers take control. Stochastic is also pulling up from the oversold region to signal a return in bullish pressure.

BTCUSD Chart from TradingView

Bitcoin price was weighed down by a number of factors earlier in the week, namely news of stricter regulation in South Korea, the outage on HitBTC, and Paul Krugman’s negative remarks on cryptocurrencies.

However, this might not be enough to derail the positive sentiment among most investors as it has been previously reported that institutional interest is picking up. Besides, the dollar could also be under pressure due to worsening trade tensions between the U.S. and China, so alternative assets like bitcoin could be poised to take advantage.

Article First Published here