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