Today, among the top 10 crypto per market cap, the drop in the price of Ethereum stands out, falling by 8%, as does Tezos (XTZ), which, however, remains at the highest level of the period.
In these last hours, ETH falls with prices reaching 120 dollars, which are the lowest levels since last mid-February. This is a worrying indication for Ethereum, which in addition to remaining in a bearish environment, sees prices go beyond important long-term critical support. It is necessary for Ethereum to resume as soon as possible the 125 dollars, and then reach 135-140 dollars.
For Ethereum this is a setback that sees it lose 65% in value from the maximums of 360 dollars, reached during the peak of 2019.
The situation facing Ripple is even worse, with the drop in the last two days, pushing it below 19 cents, levels that XRP did not register from October-November 2017. It is a very critical technical situation that highlights the difficulties that Ripple hinted at throughout the year, except for a short period, between May and June, which saw a return of strength that lasted less than two months.
In the short term Ripple is in a very critical situation, in which it will be necessary to recover the 21 cents of the dollar as soon as possible. From the relative highs of early November, with the current downturn, Ripple lost 45% of its value. The situation worsens even more if we take as reference the highs of the end of June, in which case the loss becomes 65%.
The best of the day is Silverway (SLV) in 71st position, which is the only double-digit rise in the top 100, with a +20%. SLV is a token created by a team of former bankers, finance and private equity professionals, used for OTC services in the cryptocurrency industry. The 4 billion trading volumes in the last 24 hours are mainly on a single Asian-based exchange, while on the other exchanges there are approximately $250,000 traded on a daily basis, in line with the daily average trades. This is likely to be subject to speculation on Bitmart itself, where 95% of the total volume is being traded.
None of the top 45 big ones are in positive territory. The worst of the day are DeFi tokens: Kyber Network (KNC) and Syntethix (SNX), which lose 15%, while DigixDAO (DGD) loses about 10%.
The market cap continues to lose millions of dollars and is now below 180 billion dollars, levels that have not been so low since last May. This clarifies the situation, a difficult time that comes, like last year, in December, which is always characterised by strong downward or upward directional movements.
Bitcoin regains its market share, rising to 67.5% dominance, while for Ethereum and Ripple the loss of market share continues: Ethereum is below 8% and Ripple below 4.8%, levels that both had not recorded since last September. By contrast, Bitcoin returned to the levels of late October, when it achieved one of the most intense increases in recent years, +40%.
Price of Bitcoin (BTC)
Bitcoin, after breaking the dynamic bullish trendline of 7,000 dollars, in these hours is facing the lows of late November in the $6,600 area. This is a delicate level: in case of rupture, since it is a static level well evident on a monthly basis, there could be tension, downward speculation and strong volatility.
It is necessary to have bullish indications and recover prices at $7,200, levels that at the moment seem unattainable, although nothing can be excluded for Bitcoin who has often shown particular euphoria as happened in October when in 24 hours a strong bullish movement has recovered a three-week decline.
Price of Ethereum (ETH)
Ethereum is testing the levels of last February, the lowest since the last 10 months. ETH is not currently showing signs of reversal, so it will be necessary to form a support base from which to attract purchases in the short term.
A first positive sign would only come at $145. On the contrary, a sinking under 125 dollars would open further downward possibilities to the next psychological area, that of 100 dollars.