Earlier this year, the total market cap of the crypto market was about $832 billion. At the time of writing, that value has dropped to $234 billion – which a decrease of over 70 percent. A decline of such magnitude can scare away even the most faithful investors.
The values of digital currencies are rapidly declining, and some of them have started testing new lows for the year. There are lots of speculations and predictions about cryptos in the market, but no one knows exactly what the future holds for digital currencies. Here’s the price analysis of some of the top digital currencies in the market.
Bitcoin (BTC) Price Analysis
The bears in the market succeeded in bringing the value of Bitcoin below the $6k mark on the 28th of June. This led the coin to test a new low for the year. However, at the time of writing, the digital currency is trading over the $6k mark again.
If the digital currency is able to stay above the $6k level, it will likely move above the 20-D exponential moving average where another selling round can be expected. If the bulls fail to hold the coin above the $6k mark, the coin will drop below the $5,900 mark, with supports at $5,450 and $5,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) also tested a new low as it made an attempt close to its major support level at $358 on the 27th of June. The digital currency is now trading slightly over the $450 mark which was is previous resistance level after an increase of 8.24 percent over the past twenty-four hours.
If the bulls are strong enough, Ethereum will surge over its current level towards its next key resistance at the $500 mark. If the bears break below the $450 mark, then it will gradually approach the $400 level.
Ripple (XRP) Price Analysis
Ripple (XRP) was also affected, but it has shown a resilience comeback as it is now trading over its resistance level. Ripple is now trading at 47 cents after testing a new low at 42 cents.