Crypto market overview: Bitcoin tests water below critical $9,600; altcoins are depressed

• All major coins are deep in red during European hours.
• The market is driven by sentiments and technical factors.

Bitcoin extended the decline and touched area below $9,600 during European hours. Altcoins are also deep in red, with many coins nursing double-digit losses. The total market capitalization has reduced to $276 billion, from $284 during early Asian hours. The average daily trading volumes climbed to $189 billion, while Bitcoin’s market dominance jumped to 63.6%. 

Top-3 coins price overview:

Bitcoin has created another big red candle. The coin hit the low at $9,544 before recovering above $9,600. At the time of writing, BTC/USD is changing hands at $9,642, down over 3% in recent 24 hours.

Ethereum tested $237.23 on Sunday and managed to recovered to $250.0 by the time of writing. Further upside may be limited by SMA200 1-hour at $252.00. The coin is down 7.5% on a day-to-day basis.

Ripple’s XRP slipped to $0.2700 before recovering to $0.2785. A sustainable move below $0.2800 bodes ill for XRP bulls as the bearish sentiments grow stronger across the market. The third-largest coin has lost nearly 11% in recent 24 hours and 55 since the beginning of Monday.

The biggest market-movers:

Bitcoin SV (BSV), Dash and Chainlink (LINK) are the biggest losers of the day out of to-20as they are down 16%. However, other altcoins are also nursing double-digit losses as the bearish sentiments start gaining traction.

The market is driven mostly by technical factors and speculative positioning, as there are no clear fundamental reasons that might have triggered the sell-off.