Altcoins Continue To Slide As Bitcoin Dips And Total Market Cap Drops

Cryptocurrency News Today – The dream for an alt season looks faraway as the cryptocurrency market continues to suffer loss. The total market cap for the cryptocurrency market dropped below the support level and registers as $280.0 billion. Most of the gains come from Bitcoin and it isn’t surprising that Bitcoin seems to control the cryptocurrency market. A bad day by the king of cryptocurrencies ripples across the corridors of the cryptocurrency market and affects the numerous altcoins vying for attention in the heated competition that is cryptocurrency world.

Bitcoin News Today – Cryptocurrency News Today – Bitcoin Price Dips, Altcoins Follow Amid Bear Market

The Bitcoin dipped by 6% and is currently priced at $10,479. This drop can after the BTC struggled to maintain the advantage it had gained when it rose above the $10,500 support level. The BTC couldn’t overcome the pressure on it and it drops. This ripple spread across the cryptocurrency market and most altcoins followed Bitcoin’s trend and dropped in price.

BTC price prediction still looks positive as analysts and researchers believed that the coin will always rise above every obstacle and overcome every negative pressure. This display of confidence comes from studying the patterns and history of the coin. Past experiences and records show that the BTC may be volatile, but that volatility most times serves the coin in a favorable way.

While the BTC tries to consolidate, some altcoins have been reacting differently to Bitcoin’s 6% loss. The Bitcoin Cash was able to gain support above the support level of $330. It climbed and surmounted the $340 resistance level and it is presently trading close to the $350 mark. The climb gained Bitcoin Cash 5% and a Bitcoin Cash price prediction favors the coin testing the $360 resistance level. A fall in price would make the $340 resistance become a support level.

Altcoin News Today – Cryptocurrency News Today – Altcoins Still Bleed As Coins Lose Gains

The Litecoin LTC price value is $84.84 as it is currently trading near the $85.00 zone. There was a downside correction occurring near the $92.00 and $90.00 support levels. Analysts and researchers give an LTC price prediction of a rise above the $90.00 resistance level. Should this prediction not occur and the value drops, the value of the LTC may be pushed below the $85.00 support level to the $80.00 support level.

Tron TRX continues to suffer loss as the TRX remains in the bearish zone. The TRX price value dropped to $0.0210 and looks set to drop further. A TRX price prediction indicates that the TRX may drop below the $0.0200 support. This may bring the coin closer to the next major support level of $0.0192.

Cardano ADA seems to have some good news as the cryptocurrency coin tested the $0.0510 and $0.0515 support levels as the ADA continues to correct higher. The price of the ADA broke the $0.0525 level and all indication shows that the coin may continue an upward surge to the main resistance level of $0.0550. Surmounting the main resistance level would bring the ADA to the next resistance level at $0.0565.

While the altcoins may show slight promise, the majority of the coins don’t have good stories to tell. A lot of the altcoins are languishing in a perpetual downtrodden state with a glimmer of hope on the horizon. As the altcoins look up to Bitcoin, maybe some of the magic dust can rub off on some of them.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.