Crypto Market Declines Anew After Brief Recovery

Nov 22, 2018 at 23:11

After brief recovery yesterday, the crypto market is once again bleeding as Bitcoin experienced a 2.25 percent drop to $4,459.6106 a piece with a market cap of $77.5 billion.

Despite the dip, analysts noted that the bearish continuation could be a bear trap since the premiere cryptocurrency is still considered oversold.

However, they warned that a weekly close below $4,182 can easily revive a bearish view may also open up a downside toward the next major support located at $3,100.

It can be noted that among the top coins, Bitcoin Cash is the biggest loser as it shed 7.75 percent to $238.89 a piece and a market cap of $3.8 billion.

The coin is still suffering from the effects of its recent hard fork. Notably, renowned exchange platform, Coinbase is already dragged in the issue related to a class action lawsuit claiming that the company was involved in an alleged insider trading of Bitcoin Cash,

Meanwhile, XRP, Ethereum and Stellar declined to $0.44, $132.27 and $0.19, respectively.

On the other hand, EOS, Litecoin, Cardano and Monero declined to $3.73, $33.65, $0.05 and $68.96, respectively.

Among all top coins, Tether was the only one that recorded even a minimal gain. The stablecoin whose price is pegged to the US Dollar is up by 0.45 percent to $0.97 a piece with a market cap of 1.7 billion.