Bitcoin Falls Below $3,900 Dragging Top Cryptocurrencies Along

Yesterday, the cryptocurrency market suffered a bearish turnaround with BTC falling below $3,900 once again. The top 20 cryptocurrencies on CoinMarketCapital’s list saw red trades towards the end of the trading session. Only few cryptocurrencies were trading in green at the time. BTC was down by 1% in the day at press time trading at $3880. The chances of holding this level was higher than the chances of holding Monday’s high of $4271. The good news is that even if it is below $3,900, it is still far above $3642. This was the midweek low that was registered on Friday.

Cryptocurrency Price Analysis

Starting With Bitcoin Bitcoin hasn’t performed as well as everyone hopped. Even if the last few months of the year were bearish, some believers thought that the last month of the year will be marked with a bullish rally that will restore the glory of BTC. Right now, BTC is trading at $3,831.79. This shows that it is up by 0.35% with a trading volume of $4,712,026,316 and a market capitalization of $66,880,830,662.

Bitcoin (BTC) Price Today – BTC / USD
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The second largest cryptocurrency per market capitalization, XRP didn’t fall much throughout the say maintaining relative stability at $0.399. Right now, XRP is trading at $0.363137. This means it is down by 0.32% against the USD and down by 0.67% against BTC. The 24-hour trading volume is $494,491,226 and the market capitalization is $14,813,852,700. The current price on a weekly basis is $0.367. This is higher than XRP’s weekly high of $0.446.

Ethereum (ETH) Price Today – BTC / USD
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While Ethereum is still the third cryptocurrency per market capitalization, the difference between ETH and BTC is reducing on a daily basis. The market capitalization of both cryptocurrencies is in the $14 million level. Yesterday, there was a 2% rise in the value of ETH as it traded around $139 after starting the day at $136. The price on the weekly chat is higher than the $129 low but it still isn’t as high as the weekly high of $157. Right now, ETH is trading at $136.72. It is up by 0.72% against the USD and up by 0.52% against Bitcoin. The trading volume over a 24 hour period is $2,546,518,347 and the market capitalization is $14,233,524,708.

XRP (XRP) Price Today – XRP / USD
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Of the top cryptocurrencies in the market, NEO, EOS, Dash and Ethereum are the ones that saw green trades yesterday. NEO was up by more than 3% at press time. The market capitalization for all cryptocurrencies was about $130 billion. This week alone, it lost $3 billion but gained $10 billion within the week. It reached a weekly low of $120 billion.

Bad News In The Market

The crash in price this weekend may have been due to the bad news in the market. This week, Nvidia, a cryptocurrency GPU producer was slammed with a clash action lawsuit concerning losses that were suffered by miners during the market downturn this year. The demand for GPUs reduced significantly this year and the company’s stock price fell by 54%.
Another report that hit the industry this week was that Bitmain, the number one producer of mining ASIC, is making plans to lay off more than 500 employees and suspend mining operations until further notice.


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