Bitcoin Fever Cools as Price Dips, Crypto Market Sheds $9 Billion

After a brief episode of Bitcoin euphoria and an all-time high price, the crypto market is on the rise today.

The top 10 crypto assets by market cap today posted losses ranging from a minimum of 2.23% for Bitcoin Cash to around 9.6% for Ripple’s XRP. In total, the crypto market has lost around $ 9 billion in the past 24 hours.

Despite the correction, Bitcoin investors are still in good shape as coin trading has traded sideways on a steep bullish channel for the past five days. The equilibrium started rising on November 30th and correcting the following day. Bitcoin is currently trading at around $ 19,000, and while it’s not an all-time high, the Hodlers are likely still feeling pretty good if they’re up 162% since the start of the year.

Not even news of a bill to regulate stable coin issuers like banks was enough to panic the market. Instead, crypto assets saw a slight spike, causing Bitcoin to trade at nearly $ 19,500 yesterday.

If Bitcoin continues down this path, trading support for the asset could be around $ 17,800, meaning traders could be reasonably certain that the coin would not fall below this price in the short term.

BTC-USD. Image provided by Trade view

Ethereum 2.0? Meh, says the market

In the meantime, things are not looking good for Ethereum prices. The cops were apparently unable to keep the party going for too long before Ethereum 2.0. These party pooping bears have taken over and ETH fell shortly after ETH2 was first published (“Phase 0”): The price of Ethereum fell from its annual high of USD 636 to USD 563 within 24 hours.

It took ETH two days to recover and closed on December 3 with a green candle at around $ 616.

But to this day, the fall of Bitcoin has drawn Ethereum back into the depths. Each token is currently trading at $ 589, offsetting the gains made over the past two days.

ETH-USD. Image provided by Trade view

The XRP roller coaster

But those ups and downs are nothing compared to what enthusiasts of the world’s third largest crypto-asset by market cap have seen lately. XRP traders have been on a roller coaster ride for 30 days.

XRP-USD. Image provided by Trade view

After a stable phase, the Bitcoin rally served to catapult Ripple’s tokens to annual highs. The rise was so dramatic that XRP went from the worst investment in two years to the top performing cryptocurrency of 2020.

But the fame was short-lived. After a day that was almost completely flat, XRP today saw a 9.8% drop from the previous day from $ 0.6 to $ 0.55.

However, those XRP believers who have been around for the long term can still boast of having posted significant gains this year. Currently, the XRP price has increased 10.67% in the past seven days.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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