Posted 3 years ago | by Ben Armstrong
Cryptos Lose Ground, Hold Support
The crypto markets are being sold. Over the last 24 hours the CCI30, which is a measure of the 30 most
valuable tokens, has fallen to 2,824. The CCI30 has traded around the 2,930 level over the past 48 hours,
but it is seeing selling pressure as the North American trading day begins.
Bitcoin (BTC) has fallen by 1.8% over the last 24 hours, and is currently trading at $8,140 USD. The
world's most valuable token is once again trading near the $8,000 USD level, which is an extremely
important level to watch.
If we look at a one-year BTC chart, it is easy to see just how important the $8,000 USD level is for BTC
bulls. There is little, if any, support for the rally that started in the spring under the $8,000 USD level.
BTC has been steady for the last few hours, but any new selling in the market could expose BTC prices to
some very risky price territory.
Ethereum (ETH), the world's second most valuable token by market cap has shed 2.1% over the last 24
hours. ETH is currently trading at $179.06 USD. ETH may be in the process of putting in a multi-month
bottom, or it may be in the early stages of a downtrend. The 3 month ETH chart seems to be supportive of
the bottoming hypothesis, but a break below the $150 USD level would open up the way for more severe
Ripple (XRP) prices have only fallen by 0.5% over the last 24 hours, and XRP seems to be holding up
better than the two most valuable tokens. It has been able to hold on to some of its gains, and is still up by
around 7% over the last 7 days. XRP is currently selling at $0.2888 USD.
The crypto markets are at an important juncture, and it is vital for BTC to remain above the $8,000 USD
level if the 2019 bull market is going to continue. ETH and XRP prices seem to be trading in-line with the
rest of the market, with XRP showing more resilience.
Any major selling pressure could endanger the bull market that began earlier this year, and lead to a
longer consolidation at lower levels.