Posted 2 years ago | by Ben Armstrong

Crypto Markets Slip—BTC Holds $10,000 USD

Cryptocurrencies are trading lower across the board today. The CCI30 index, a measure of the 30 most valuable token measured by market cap, has fallen to 3,230, down nearly 100 points in the last 24 hours. There has been little in the way of news to move the crypto complex, though risk assets seem to be trading up in the established financial markets.

CCI 30 Bitcoin Holds at 10,000USD

Bitcoin (BTC) is currently trading at $10,050 USD, down around 1.8% over the last day. The world's most valuable crypto traded below $10,000 USD overnight, before recovering to its present level. The last day has seen BTC prices fall back to a critical support level, which it has held more than four times over the last month.

btc 24 hours 1 Bitcoin Holds at 10,000USD

As we can see from a longer term perspective, both the $10,000 USD and $9,500 USD level have provided support for BTC prices over the last two months. If the bullish momentum that began in the early summer is going to continue, it would appear that BTC will have to stay above the $9,500 USD level. It has been to that level twice, and this could be the start of a triple-bottom formation.

btc 2 months chart Bitcoin Holds at 10,000USD

Ethereum (ETH) prices are moving in-line with most of the other major altcoins, and have shed less value than BTC. ETH is currently trading at $179.50 USD, down a little over 1% in the last 24 hours. This is a curious situation, as the altcoins have tended to show more weakness during sell-offs this year.

ETH 24 hours 1 Bitcoin Holds at 10,000USD

If we look at a one year chart, we see that ETH is down less than 10% from where it was trading a year ago. Despite all the ups and downs of the market, it appears that the price of ETH is starting to find a more solid footing in terms of a long-term average price.

ETH 1 year Bitcoin Holds at 10,000USD

Ripple (XRP) prices are down more than BTC today, and are currently trading at $0.2565 USD, down around 1.7% from yesterday.

XRP 24 hours Bitcoin Holds at 10,000USD

The world's third most valuable token has struggled to take part in the crypto rally this year, and appears to be firmly stuck below the $0.30 level. Although it enjoyed a big bounce off the $0.25 level early in the North American morning, it does seem to be a laggard among the major tokens.

If the major tokens are able to consolidate their gains at current levels, the bullish momentum of 2019 may continue. On the other hand, if BTC breaks support at $9,000 USD, the probability of much lower prices becomes a real possibility.

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Bitcoin Holds at 10,000USDBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.