The cryptocurrency market has lost over $9 billion over the past 24 hours as the valuation of the market dropped to $233 billion. Major cryptocurrencies including bitcoin, Ethereum, Ripple, Bitcoin Cash, and others dropped by more than 5 percent.
Bitcoin the best-known virtual currency has been stuck in a downward trend for most of 2018 since last year’s November after the interest fizzled. According to cryptocurrency trader Ran Neu-Ner, it’s likely to go even lower. Recently hackers of cryptocurrency exchange of Asian markets have been encouraging investors to exit since it has seen a major drop to as low as $5,774 BTC=BTSP on the Bitstamp exchange.
As of June 29, the volume of bitcoin remains below $4 billion and the volume of Ether remains below $1.5 billion. It is higher than their volume on June 28, but it is still not enough to push the market upwards in the short-term.
Briefly, the price of bitcoin dipped below the $5,800 mark to $5,780 in most major markets including USD, JPY, KRW, and USDT. Since then, likely triggered by the low Relative Strength Index (RSI) of BTC which signified an oversold condition, the price of BTC has rebounded by a hundred dollars, to $5,900.
The second biggest valued cryptocurrency slid by 4 percent to $416. Ripple which also dropped by 4 percent to $0.44 as according to Coinmarketcap.com.
Our price analysis on Litecoin indicated that LTC/USD could trade at a low of $73 if sellers continued to dictate sentiment.
Litecoin has thus broken below various support levels. It now trades at about $73.90, which is in the red 5.7% and 15.80% over 24h and 7-day periods respectively.
However, if BTC sees an unexpected spike in its volume and recovers to the lower end of $6,000, it is possible that the downtrend of BTC reverses. As of now, the price trend of BTC in the short-term is bearish and it could slide further to mid-$5,000.