Market cap sinks to new 2018 low as Bitcoin drops to $6500

Getty images

Getty images

More importantly, the price failed to test the 50% Fib retracement level of the last decline from the $7,167 high to $6,139 low.

XRP/USD: The ripple community traded weak, breaking previous support despite news that XRP has now been added to the list of cryptocurrencies by Bitcoin Superstore, allowing customers to purchase from over 200k online retailers via XRP and 5 other cryptocurrencies, Coingape reported recently.

Bitcoin Cash broke through to $600 levels, with an intraday high $620, Bitcoin Cash managing to hold on to $600 levels through the afternoon, while falling short of the first major resistance level at $626.73.

Much of the current sweeping losses in the market has been attributed to the stagnation caused by the SEC's reticence to approve a BTC ETF. BTC is seeing a daily loss of around 8 percent today but the coin's market dominance among all 1600+ currencies is 49 percent.

The pair is likely to resume its downside move once the current correction is complete near $600-610.

"Bitcoin isn't broken if it's holding at these levels".

VeChain (VET) traded up 4.8% against the dollar and now trades at $0.0140 or 0.00000198 BTC. On the backside, foundational support is bountiful and moving back is going to take some time.

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Despite bitcoin 's tumble over the past two weeks, Wall Street bull Tom Lee says the cryptocurrency is gradually regaining market share - which should comfort bitcoin buffs.

IOTA (MIOTA) traded down 10.1% against the dollar and now trades at $0.79 or 0.00011223 BTC.

Bitcoin has been on a downtrend trajectory since past couple of weeks and is now trading at around $7,000. The price per ETH stood at United States dollars 376.91.

Hourly MACD - The MACD for BCH/USD is slightly placed in the bullish zone. If they do cross hairs, this means the path towards the least resistance would be the upside but for now, it remains on the downside.

Looking at the chart, BCH price is slowly recovering, but it won't be easy for buyers to push the price above $610 in the near term.

The 23.6% Fib retracement level of the last slide from the $7.23 high to $5.33 low is also acting as a barrier for buyers.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency.

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