Is the cryptocurrency market down again?

Is the cryptocurrency market down again? - low cryptocurrency 1

Yesterday was not a positive day for the cryptocurrency market. The main digital currencies have been hit by countless drops by coloring the price list red. The top 100 currencies by capitalization are all bearish and only three have managed to keep even, namely: a semi-unknown token (Rif Token), Ethereum Classic (ETC) and (ETP) ie Metaverse, just above parity. 

BitTorrent emerged as one of the worst falls of the day, Dash, Pundi X and Monero just to name a few of the best known, all with daily descents that have gone over 8%. 

Damages also extend to cryptocurrencies with a major one capitalization such as Bitcoin Cash, Ethereum, Bitcoin all with losses of over 6 percentage points. The fall, however, is more limited for cryptocurrencies such as Ripple and Litecoin. Ripple despite the various decreases stands out for being the best of the worst (-4%) returning to dangerously test the support that had last year. 

The return of the bearish force sweeps 20 billion capitalization in less than a day, thus bringing the cryptocurrency market cap below 260 billion, just one step from the lowest levels that are registered during the summer. 

The negative day for the market shares of the first three are unchanged with bitcoin anchored to 69% at the highest levels of the past 29 months. The situation has highlighted how the drop in the cryptocurrency market of these hours is particularly attacking the main altcoins. 

Bad situation for Bitcoins 

Bitcoins return again under the 10 thousand dollars, confirming that the recent rebound was due more to coatings rather than new purchases. In the last hours, therefore, we return again to test 9500 areathus increasing the probability of reviewing too the price area between 9200 and 9000 thus opening up a possible return to a bearish period. 

Ethereum takes a step back 

Ethereum takes a step back during the last 36 hours prices returned to test a dynamic trendline that supported the upward trend over eight months. It always becomes very important the area hold of $ 175 with a view to the long term. For ETH it is necessary to overcome the current negative phase that has seen prices swing dangerously above and below the $ 200 target for more than a month. There breaking of the support below the 175 dollars it could cause an increase in speculation with the possibility of returning to see the levels in a dangerous way below or in any case near the 155 dollars.