Bitcoin and the other top 5 cryptocurrency assets suffered insignificant losses through the 24-hour period, but they were all in the red. Globally speaking, the only top 10 crypto to see a gain during the period was Tether, which indicates a good deal of selling took place. Litecoin continued its trend of daily volume exceeding $1 billion.
BITCOIN DROPS BELOW $3,600 ON COINBASE
Bitcoin lost less than 1% over the 24-hour period in a global manner of speaking. At Coinbase, the usual loss leader and retail trading final boss, the flagship cryptocurrency trades around $3,570 at press time. Overall volume for the Bitcoin market was $6.5 billion.
Support at $3,500 still appears strong for the foreseeable future, but the markets have their ways. If Bitcoin tests $3,500, we can likely expect further downward pressure. But if higher prices are attained on the next batch of sell-offs, we could push back toward $3,650 and on to $3,700.
ETHEREUM HOLDS ABOVE $120
At press time, Ethereum trades around $121 globally, but closer to $120 on Coinbase. Percentage-wise, as shown below, it’s been pumping in a more popular rhythm than Bitcoin.
Ethereum had some wilder swings but maintained its $120 level.
Global volume for ETH was about half that of BTC, which could signify an interesting future.
If Ethereum begins to trade equal or greater than Bitcoin’s volume, would we see a break from the BTC-peg and a run north?
