Poor Altcoins Performance Makes Market Sell-off See $26B Removed From Cryptocurrency Market Cap
Bitcoin Cash saw a fall of 21% in its price value and was one of the biggest losers over the weekend
This weekend was not in the favor of cryptocurrency as several crypto assets moved downside including the world’s leading digital asset Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Due to the tiring cryptocurrencies weekend performance, the market sell-off sees $26 billion removed from the total cryptocurrency market capitalization. The cryptocurrency market cap has now come down from $308 billion to $282 billion after this loss.
Bitcoin had to move down as it has failed to cross the resistance level of $10,500. The leading asset has again come down from the psychological level of $10k. At the time of writing, Bitcoin is trading at $9,644.63 USD with a change of -1.49% in 24 hours and is in confluence with the daily 22 exponential moving average (EMA).
Bitcoin Cash is one of the biggest losers over the weekend
Bitcoin Cash saw a fall of 21% in its price value and was one of the biggest losers over the weekend. BCH touched the crucial resistance level of $500 and right after that, it came down all the way to $370.
However, the coin made a slight recovery after this loss and is currently holding the price value at $397.79 USD.
Ethereum succumbs to a 12.75% pullback but still has support
Along with some other cryptocurrencies, the second-ranked digital asset Ethereum also suffered a tiring weekend. Ethereum (ETH) failed to resist at its bullish point and moved down with a 12.75% fall. However, Ethereum still has got the support that can help it to start a rally.
The $250 level of support will be the key level for ETH at the start of the week. But if this support level gets broken, then a micro bearish trend is expected in the upcoming days and Ethereum could find itself at $238 and $231 marks.
From a macro perspective, it formed another lower high consistent with lower highs following the $1,440 all-time high of Jan 2018. After that, it went back to the lows of $836, $373 and $290. This is another bearish indicator for Ethereum.
However, now the important levels for Ethereum are the support level of $250 and $269 level. If Ethereum succeeds to break above $269, it would be able to appear as a bullish cryptocurrency in the upcoming days.
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