The weekend has shown a return of volumes in the crypto market: levels that have not been so high since last May.
The characteristic that unites these two periods is that the prices of Bitcoin were similar (7,000 dollars) but in a different context. Last May, in fact, was the beginning of the rally that brought the prices of BTC to the peak of June, tripling its value and that of other cryptocurrencies. After six months the context is very different.
After the night’s sinking between Sunday and Monday, the day saw an attempt to recover the support levels that during the weekend saw a further worrying bearish movement.
The week began with an attempt to reverse the negative trend that has seen prices in the crypto sector fall for 8 consecutive days: a negative cycle that has not been recorded since 2014, when, excluding the stalemate between 12 and 13 November, the consecutive days of decline were 20. And this indicates the current trend in the medium term that, in the night, saw the collapse of prices throughout the industry but in particular for Bitcoin.
Taking into account the closure of the world’s largest exchange, Binance, in maintenance during the Asian night, the price of Bitcoin fell to revise the $6,600 area, levels that Bitcoin had not recorded since May 11th.
The sinking also saw Ethereum fall to $134, which ETH had abandoned since the end of March. Even worse is the eclipse of Ripple, which went as far as 20 cents, a level that XRP had not even registered since November 2017, highlighting how this is a horrible year for Ripple. Ripple’s sister, Stellar, manages to do better and maintain the levels of September.
Since the beginning of the year, Ripple, Stellar (XLM), IOTA (MIOTA) and Cosmos (ATOM) are among the worst of the first 20, falling by more than 40% year-to-date.
In this second part of the day, positive and negative signs are balanced with a slight prevalence of green signs. The best rises are from Storeum (STO), an unknown token today characterised by a decidedly speculative movement with over 300% rise.
Among the big ones, there is the strong rebound of Cosmos (ATOM) which, after having seen the price of the weekend at 2.60 dollars, cancelling all the rise that it had recorded during the first 15 days of November, follows the trend of the rebound from the lows of last Friday, scoring a +10%, the best rise of the day among the big ones.
On the other side, there is Molecular Future (MOF), after the strong rises of recent days, it is now retreating by more than 10%. Maker (MKR) also collapses by a further 10%, a decline that makes it emerge as the worst of the first 100 cryptocurrencies on a weekly basis with a drop that goes beyond 30%. After celebrating the transition from SAI to DAI a week ago, the market does not seem to reward Maker’s prices.
The volumes of the crypto market have risen above 100 billion dollars in the last 24 hours. The exchanges that took place in the second half of Sunday show a very nervous situation. Considering that only 10 days ago volumes were close to 50 billion dollars, it is clear that these are very tumultuous hours for the entire sector.
The market cap remains below 200 billion dollars, and during the night it even reached 190 billion dollars, levels it had not recorded since the beginning of May.
BTC’s dominance remains almost unchanged at over 66%. Ethereum’s market share rose to 8.2%, while Ripple fell below the 5% threshold.
Bitcoin is facing the downturn by testing the dynamic bullish trendline that joins the lows since last February. The $6,800-6,600 area, levels touched in the night, are above 65% of the price retracement from the highs at the end of June.
This highlights the importance of the prices at which we find ourselves and the nervousness of these hours since these are delicate levels that if violated would open a space for descent without protective supports down to the $5,500 area.
For BTC it is necessary to recover as soon as possible the previous period lows now become resistance. in the $7,500 area.
Ethereum plunged below $135 during the night, the same level as last May. After failing several times to break 185 dollars, ETH needs to recover the previous levels of support that had rejected the bearish sinkings since last late September, which with the latest downturn have seen this threshold break.
Therefore, it is important for ETH to recover this level in order not to risk lengthening further the trajectory that would lead prices to test the next level of support at $125.
From the beginning of the year, Ethereum definitely mitigates its performance, marking at the moment a meagre gain of 7%.