Bitcoin depreciated over 22% on the weekly chart. The cryptocurrency trading got support at $9.800, but could not recover further because of the $10.180 resistance. It’s currently trading at price about $8.500 and doesn’t show any support signs.
Near every coin is red on the chart, and that is considered to be the first crash of that scale this year, since September 2017. The total cryptomarket cap reduced to $407 billion. That’s less than half comparing to December when it was its peak.
Etherum’s market has the same situation. The coin’s value depreciated by 19% within 24 hours and depreciated by 12% on the weekly chart. The cryptocurrency traders seem to leave the market, taking into account $5.54 billion trading volume within the last 24 hours.
Etherum reached its weekly peak at $1240. However, it went down to $900 just within 24 hours, similar to Bitcoin.
Nothing positive is indicated yet. Both currencies seem to border on a cross-over.
It was in the headlines when showing its high returns. However, it couldn’t resist the crash of the market. It even lost more than other coins, when dropped by 29% within 24 hours, and 39% on the weekly chart. Its current market cap is $6.8 billion; it is less than half from Stellar’s peak at $16.5 billion.
At the start of the week, it was trading at $0.63-$0.61 but dropped to $0.43 suddenly. The XLM/USD pair decreased to $0.36 currently.
Like in the situation with other coins, there are no positive indicators.
Ripple has the worst situation comparing to three above-mentioned coins. The XRP/USD pair lost over 30% within 24 hours, and 37% within a week. South Koreans are dumping the coin, while over 50% of Ripple was sold within the last 24 hours; the volume of trading was $1.86 during that period. Its market cap reduced to $30.5 billion during that crash.
Ripple got to its $1.35 weekly peak. After that, it dropped to less than $1 but started to recover in a while. The resistance at $1.13 was waiting for it. It was supported at $1.08 also. Since then, it failed to breach and current XRP/USD value is $0.77.
Updates of the Market
Indian Finance Minister announced yesterday in his annual budget speech, that they do not recognize any cryptocurrencies, including Bitcoin, as a legal tender. However, they didn’t show signs of a prompt ban. The Minister even encouraged the use of blockchain technology in the payment systems. Bitcoin is also being adopted by Russian institutions, while they are going to open a crypto exchange in Switzerland.
There was nothing in it that warned of such crash driving. It even might be a great time for someone to buy currencies at a low price, while lots of investors are currently dumping the assets.