Home / Cryptocurrency / Bitcoin slides back to critical support, drags market capitalization below $ 200 billion

Bitcoin slides back to critical support, drags market capitalization below $ 200 billion

The prices of cryptocurrencies sold on Monday, failing to resist last week's gains.

Bitcoin, the digital currency n. 1 in the world is trading at $ 6,261.00, down 3.7% from Sunday at 17:00. Eastern Time on the Kraken exchange.

After a few volatile sessions, bitcoin

BTCUSD, + 0.35%

spent the weekend at $ 6,300 – $ 6,600 with weekend trading volume at its lowest level since June 9, according to data from the Bitfinex exchange.

Ricky Li, CEO of Cryptocurrency trading and asset management Altonomy, said volumes were particularly light in the altcoin market, the market for smaller currencies other than bitcoin. "This year we are seeing a new low volume in the altcoin market," said Li. "The first [cryptocurrencies by market value] is still the safest space and we are seeing the rotation out of them in bitcoins."


Bitcoin volume data, Bitfinex exchange

After stopping the weekend interval Monday, bitcoin is testing critical support, which if broken, could open a significant move down. "Last week's decline leaves BTC in a fragile technical position as it attempts to stabilize / base to support $ 6,100- $ 6,200. A break below $ 6,100 would signal a new test and a possible disruption of $ 5,800 support with a potential risk of $ 5,000, "wrote Rob Sluymer, technical strategist at Fundstrat Global Advisors.

Monday's general selloff pushed the total value of all cryptocurrencies below $ 200 billion, lastly to $ 193.7 billion according to CoinMarketCap data.

Read: Opinion: Your cryptocurrency "stable currency" is not tied to anything

Major altcoin glides even further into red Monday

Coming out of a week of rebound, which has seen Ether

ETHUSD, + 0.52%

rise to 20% to a minimum, the second digital currency returned significant gains on Monday, trading 12% to $ 195.09. litecoin

LTCUSD, -0.02%

fell 8.5% to $ 52.21, Ripple's XRP currency

XRPUSD, -0.15%

was 3.9% lower at 27 cents and Bitcoin Cash

BCHUSD, + 0.00%

was 7.5% to $ 415.50.

Bitcoin futures ended Monday lower. The September contract of Cboe Global Markets Group Inc.

XBTU8, -5.36%

closed the session down 4.8% to $ 6.217.50 and the CME Group Inc. contract in September

BTCU8, -5.36%

closed 4.5% to $ 6.230.

Read: The bitcoin battered bulls stick to this seasonality chart

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