- Crypto Market Loses $40 Billion This Month, Market on Brink of More Losses
A recent look at the price action of the digital asset market shows that the market has taken a big hit this month. The overall market cap of the crypto market is down by nearly $40.0 billion. It appears that things won’t improve soon as the market action remains bearish. The price of the number one digital asset Bitcoin is down by 3% as of November 19. BTC price is moving closer to the $8,000 support position. For today’s crypto news, Bitcoin and the overall crypto market went down sharply. Even altcoins like Ethereum, Binance Coin, Litecoin, Bitcoin Cash, EOS, Tron, and ADA have also recorded losses.
So far this week, we have seen sharp losses in the price of Bitcoin Cash as the digital asset moved below $280 which is a support position. This time around the bears have regained momentum which has resulted in heavy losses for BCH. The price of the coin first dropped below $270 and later $265. The price of BCH is now trading under the $250 price position. It appears this price action could continue and BCH could move down to the $240 support area. If there’s an upside correction, both the $255 and $260 points will be the likely hurdles. The main resistance point for BCH on the upside should be close to $280.
Binance Coin, EOS and Litecoin (LTC)
The price of Binance Coin also declined as it failed to move over the $21.00 position which is a resistance area. This resulted, in a sharp decline in the price of BNB below $20.00 also a support position. The price of BNB is now trading below the $19.50 area and it appears the price is already approaching another support area at $18.80. The price of Litecoin dropped by 5% on the day as it failed to remain above the primary support points at $60.50 and $60.00. Litecoin price is now trading under the $58.00 area. It looks like the bears might test the $55.00 support position. The next important support position is $54.20.
Bitcoin (BTC) Price Today – BTC / USD
Name Price 24H % $47,720.00 -0.74%
The price of EOS also had a tough week as it declined heavily to the $3.500 support position. The coin’s price broke the $3.350 which is a support area. As of press time, CoinMarketCap lists EOS trading at $3.200. The key support position that follows this area is the $3.120 level. The total crypto market cap hourly chart shows sharp losses in November from $250.0 billion. The crypto market cap is now approaching $210.0 billion which is a support area. Another major support is at $202.0 billion. Overall, the chances of the market posting more downsides for the major assets is high.