The cryptocurrency market navigates a sea of red, Bitcoin settles below $8,000

• Bitcoin (BTC) has settled settle at $7,950 amid bearish sentiments.
• Altcoins follow the lead of the first cryptocurrency.

Bitcoin and major altcoins are nursing losses after a major sell-off on Wednesday. The total market capitalization dropped to $217 billion from $223 billion the day before, while an  average daily trading volume settled at $57 billion, according to the data provided by CoinMarketCap. Bitcoin’s market dominance stayed unchanged at 66.4%.  

Read also:  Cryptocurrencies price prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 17 Oct

Top-3 coins  price overview  

BTC/USD dropped below $8,000 during European hours on Wednesday and hit the bottom at $7,913. Despite the recovery towards $7,940 by the time of writing, the coin is still down 2.5% on a day-on-day basis. A failure to get back above $8,000 is considered as a bearish signal that may may result in the extended sell-off towards the next important support area $7,800.
 
Ethereum, the second-largest digital asset with the current market capitalization of $18.9 billion, has lost over 3.5% in recent 24 hours to trade at $173.70 at the time of writing. Looking technically, ETH/USD is vulnerable to further losses unless it recovers above $180.00 in the nearest future.  
   
Ripple’s XRP has lost 2.2% in recent 24 hours. XRP/USD hit the bottom at $0.2787 on Wednesday, but managed to recover to $0.2830 by press time.  The coin is moving with sort-term bearish bias in sync with the rest of the market.