Сryptocurrency market update: Market shed $50B in less than 24 hours; Bitcoin and major altcoins deep in red

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  • The carnage on the cryptocurrency market took major coins below critical levels
  • Bitcoin has lost 10% in recent 24 hours, altcoins are doing even worse.

The optimism on the cryptocurrency market receded and gave way to cautious vigilance. Bears were quick to respond and pushed the market drastically lower. Bitcoin and all major altcoins have been sliding down since the US session on Wednesday with current losses ranging from 7% to 20%. 

The total capitalization of all digital assets in circulation has tanked to at $313 billion from $353 on Wednesday, while an average daily trading volume catapulted to $104 billion. Bitcoin’s market share jumped to  65.4% and refreshed multi-month high.

Top-4 coins price overview

Bitcoin (BTC/USD) has settled at $11,500 handle. The first digital coin recovered from the intraday low of $11,156, though it is still down 10% on a day-on-day basis. A sustainable move above $12,000 barrier will help to mitigate the bearish momentum and bring the coin back on a recovery track. 

Ethereum, the second largest digital asset with the current market capitalization of $29.04 billion, has lost nearly 12% on a day-on-day basis. The coin slipped below the barrier to trade at $270 at the time of writing. 

Ripple’s XRP has lost 15.5% since this time on Wednesday to trade at $0.3331 by the time of writing. The third largest digital asset with the current market capitalization of $14.1 billion has been losing ground ever since it moved below $0.4000 handle.

Litecoin (LTC/USD) reclaimed the fourth position in the global cryptocurrency rating. The current market capitalization of Litecoin reached $6.3 billion. At the time of writing, LTC/USD is changing hands at $101.35, having recovered from the intraday low of $95.00. The coin has lost over 14% in recent 24 hours.
 

Get the 5 most predictable currency pairs

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