Bitcoin (BTC) is facing a lot of pressure as the bulls struggle to maintain support close to $8k.
The leading coin has seen a setback in its recovery efforts registered in the last 3 weeks.
The global crypto sentiment has also been dampened by news that the US Securities and Exchange Commission’s (SEC) had rejected a bitcoin-related exchange-traded fund (ETF) by the Winklevoss twins.
The total market cap shrunk to $291 million and a total of $14.5 billion worth of crypto exchanged in the last 24 hours. Bitcoin’s market dominance rises again to 47% as the altcoin market suffers price setbacks.
BITCOINE (BTC) PRICE
BTC/USD currently trades at $7,989, having closed at $7,951 on July 26. Bitcoin traded at a high of $8,287 last night but has lost over 3.5% of its value.
BTC had seen huge growth since rallying from $5785 to a high of $8,500. Investors were emboldened and optimism was that it could hit $10k.
Although that could yet happen, it’s currently facing selling pressure. Bitcoin’s strength as shown in an earlier increase in volume and price spread has staggered and currently sees a shrinking intraday volume.
The coin’s trade volume stands at $4.9 billion, down from over $7 billion two days ago. The market cap is now $137 billion, shedding over $3 billion in the last 24 hours.
If the buyers hold firm and the pair sustain momentum above $8k, it is likely that demand will support another rally to test $8.5k over the weekend.
Ethereum’s price failed to hold above major support areas above $480 during trading on the last day.
The coin has struggled against the US Dollar. It had seen its price jump to $483 on Thursday but followed it up with a series of lower lows. A sharp drop took its price from $479 to a low of $461, before a slight upside saw it return to current levels.
At the moment, ETH/USD is trading nearly 3.6 percent lower in the 24-hour period. It has breached support levels at $468 to introduce a bearish outlook.
The current support is at $462 as it exchanges hands just above $465.
The price is ready for the next move though as both the bulls and bears eye the market. If the ETH/USD price corrects higher, it’s likely to face resistance at $468 and $475 which were the previous support areas.
Above these levels, the pair is likely to retest sentiment close to $480 and last night’s high of $483.
The RSI is in oversold territory for ETH and could see bulls push off the sellers over the weekend. The stochastic too is flashing oversold and is ready for an upside.
$1.6 billion and a market cap of $46.9 billion
Ripple’s Chief Market Strategist Cory Johnson sought to show that XRP was a better coin, even so than Bitcoin, in terms of utility and transaction speed.
His comments come out a day after the company also pointed out that the token shouldn’t be viewed as a security. In an interview with FOX Business, Cory said that:
“BITCOIN’S SLOW… ETHER IS SLOW. XRP MOVES REALLY, REALLY FAST JUST BECAUSE ITS TECHNOLOGY IS A LITTLE BIT DIFFERENT.”
That, however, hasn’t helped Ripple’s prices. The coin remains under great pressure against both the US Dollar and Bitcoin (BTC).
After showing resilience on Thursday, XRP/USD failed to stay above $0.465. It breached support at $0.450 to close at $0.449.
XRP/USD is currently trading at $0.450 having touched a low of $0.444 earlier.
It has lost about 3.2% in the last 24 hours, slightly bearish on the hour. XRP’s market valuation currently stands at $17.7 billion and has an intraday trading volume of $199 million.
The prices are likely to remain within a range, trading at between $0.445 and $0.470. An upside will only materialize if the pair manages to break above $0.47 and hold momentum.
A bearish trend also remains in play and could see prices test $0.42.
Bitcoin Cash (BCH) price continues to face a downtrend as it fails to hold gains made in the last 7 days.
The BCH/USD pair has seen its value decline since it hit a high of $870 July 25. It saw its price breach support at consecutive levels near $850, $840, and $825.
Today has seen the coin’s price trend sideways as buyers try to hold off pressure from eager sellers.
A slightly bullish trend line has turned bearish as it looks like prices will fall below $800 and could rely on support near the $780 level. Below this, prices may test support at $750.
Bitcoin Cash currently trades at $801 against the US dollar and is -5.5 percent and -1.6 percent lower over the last 24 hours and 7 days respectively. The current market cap is $13.7 billion which has dropped from $14.3 billion at close on July 26.
Intraday trading volume has also shrunk from $597 million at the close the previous day to $577 at the time of writing.
The EOS platform has been plagued by issues related to RAM, which developers need to buy for use in running dApps on the blockchain.
Thursday saw block producers vote to double RAM supply. RAM prices have recently spiraled out of control, making it very expensive for developers as well as new users out to create accounts. It is hoped the vote will help solve the problem.
At the moment, EOS/USD is trading at $8.23 against the US dollar.
The 5th ranked coin by market cap has lost about 5.50 percent and 1.88 percent against the USD and BTC respectively in the last 24 hours.
Price dropped overnight from a high of $8.64 to a low of $8.17 and has struggled to break higher. As it stands, EOS price could either break above or below the immediate support area at $8.20.
Above the $8.20 level, the bulls will have to clear resistance at $8.45 and rally to $9.00. if it breaks below, it will rely on support at $8.00 and below that, a bearish downtrend could take it to $7.78.
The current market cap is $7.3 billion and has a daily trading volume of $659 million.
Stellar (XLM) has been one of the best performers in the last several days, notching over 50 percent price increase.
However, the coin’s stellar performance is at risk of fizzling out due to extreme volatility and a dampening of optimism. A series of great news had buoyed buyers, pushing XLM to a high of $0.348 on July 26.
It has since been trading lower as sell-off pressure comes from investors eager to take profits. XLM/USD is currently over 6 percent lower than its price a day ago.
The negative trend is replicated on the hourly charts and the coin could cede more ground in terms of price losses.
XLM currently trades at $0.307 against the US dollar. It has a daily trading volume of $139 million, down from over $173 million at the close. It also has a market cap of $5.7 billion which keeps it in 6th position.