Anxiety In The Market As Major Cryptocurrencies Lose Ground Against The USD

Italian Cryptocurrency Exchange, BitGrail shuts down almost immediately after it re-opened

The pain in the cryptocurrency market is far from over as BSV, Stellar Lumens (XLM) and many other cryptocurrencies bleed into the weekend this Friday. This is the same thing that happened last Friday and the Friday before. It seems like Friday is the day to get rid of all weekly gains that may have been accumulated. This morning, BTC started by decline by falling to $3,290 from $3,400. This means it revisited the December 8 low that marked a new yearly low. It is important that BTC bounces out of this zone to avoid falling below the $3000 level. However, it is unlikely that BTC will be this lucky for the third time.

Cryptocurrency Price Analysis

At the time of writing, BTC was trading at $3,311.69. This shows that it is down by 3.27% against the USD with a trading volume of $4,359,949,957 and a market capitalization of $57,696,358,425. It is important that BTC recovers above the $3,500 level again. This will bring it closer to the crucial resistance at $3,700.

Ethereum (ETH) Price Today – BTC / USD

Name Price24H (%)
Ethereum (ETH)
$200.87
-14.15%

Ethereum (ETH) is also falling against the USD. This morning, it was down by 3.5% as it traded near $85. This is the lowest low the cryptocurrency has hit in 18 months. Right now, ETH is trading at $86.33. This shows that it is down by 3.88% against the USD and down by 0.62% against BTC. The trading volume over a 24 hour is $1,720,809,662 and the market capitalization is $8,960,151,760.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$9,574.00
-12.56%

Altcoins seem to be suffering the most loses. Bitcoin Cash fell by 9% to $85 while BSV fell by 7%. Right now, BCH is trading at $85.94. This shows that it is down by 13.09% against the USD and down by 10.13% against BTC. The trading volume over a 24 hour period is $95,087,120 and the market capitalization is $1,504,764,017. BSV is trading at $78.25. This shows that it is down by 9.09% against the USD and down by 5.98% against BTC. The trading volume over a 24 hour period is $68,080,966 and the market capitalization is $1,370,074,079.

Ethereum Classic (ETC) Price Today – ETC / USD

Name Price24H (%)
Bitcoin (BTC)
$9,574.00
-12.56%
Ethereum Classic (ETC)
$5.41
-7.23%

Since yesterday evening, almost all the altcoins on the top 20 list have recorded loses between 4-6%. Ethereum Classic (ETC) seems to be the only one that stayed relatively stable. A few hours ago, it started trading red against the USD at $3.78 this shows that it is down by 2.27% against the USD and up by 0.94% against BTC with a trading volume of $106,933,169 and a market capitalization of $403,104,455.

The market capitalization of all cryptocurrencies is down by 3.7% at around $105 billion. It is going to set an all time low if it keeps falling. This is discouraging since it managed to go as high as $117 billion during the week. It is now in the low of last weekend. There are chances of the price dropping even lower before the new week starts. It is indeed a bloody Friday for the industry. The next few days of trading will determine if the price action will change or not. All traders can do is wait and see.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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