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Crypto markets have experienced renewed sales on Sunday, while Bitcoin has approached long-term support which, if violated, threatens to expose new funds in the short term. Even the Altcoin and the pawns were on the back foot, while traders were stacked in the stablecoin supported by the dollar.
Bitcoin approaches the critical level
With the exception of USDT, USD Money and TrueUSD supported by the dollar, all cryptocurrencies in the top-30 were traded lower on Sunday. The bitcoin price reached a session low of $ 3,509.08. Since then it has recovered to $ 3,572.64, where it was down 2.5%.
Through Bitstamp, the BTC / USD exchange rate is still seen hovering in the lower $ 3,500 range.
Bitcoin faces long-term critical support near $ 3,550 and a final break below this level would likely lead to further downsizing to $ 3,000. Last month the major digital currency touched the $ 3,100 minimum, before recovering more than a third of its value. Read: Bitcoin approaches the "GTFO" level.
Bitcoin is likely to experience strong short-term volatility, while long-dormant cryptic accounts return to active. Over the past 30 days, dormant bitcoin portfolios accounted for around 60% of the circulating offer, a strong sign that large owners were shifting assets into virtual exchanges. A similar influx preceded two major price fluctuations in 2015 and 2017. More information on this story: Bitcoin Probably has a lower role since the whales activate long-dormant accounts.
Altcoins, token follow
Where bitcoins go, it seems that they follow altcoin and token. This gravitational attraction was only strengthened during the bear market, eroding what many believed was a large decoupling between bitcoins and altcoins at the start of 2017.
The cryptocurrency market capitalization declined by another $ 4 billion on Sunday, reaching a new three-week low of $ 118 billion. Trade volumes have plummeted over the past seven days. On a 24-hour basis, total market volumes have gone below $ 14 billion, according to CoinMarketCap.
Among the top ten cryptocurrencies, losses were between 1.5% and 9.6%. Tron dropped this last amount, while the TRX returned back down the $ 0.02 range.
Tron's prices also stop for the week after 52% growth; TRX still ahead of Pack
Ethereum fell 6.8% to $ 118.20, the lowest in three weeks. The Ethereum network is expected to undergo a highly technical update over the next four days. More information on the rigid fork of Constantinople can be found here.
XRP is currently trading 2.7% less at $ 0.3205. Bitcoin liquidity and EOS are both declining by more than 6% to $ 125.88 and $ 2.28, respectively.
Litecoin's price fell 4% to $ 30.96. Bitvoin SV, now 10th classified cryptocurrency by market capitalization, fell 9% to $ 75.84.
Over the top ten, Cardano fell 6.2% to $ 0.0406, Monero fell 3.3% to $ 43.61 and Dash fell 3.6% to $ 70.76.
The 51% fallout on the Ethereum Classic network was particularly devastating for the ETC price. Ethereum Classic is down by another 7.6% to $ 4.26, where it was ranked 18th by market capitalization.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
