Bitcoin fell below $10,000; Ethereum, Litecoin, Bitcoin Cash devastated, XRP holds Bitcoin fell below $10,000; Ethereum, Litecoin, Bitcoin Cash devastated, XRP holds
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Bitcoin fell below $10,000; Ethereum, Litecoin, Bitcoin Cash devastated, XRP holds

Bitcoin fell below $10,000; Ethereum, Litecoin, Bitcoin Cash devastated, XRP holds

Cover art/illustration via CryptoSlate

From a local peak on July 12, Bitcoin tanked from a high of $11,950 to a low of $9,857. Meanwhile, most altcoins experienced even larger double-digit losses. Some of the biggest losers include Ethereum, Bitcoin Cash, Litecoin, and Bitcoin SV—dropping 16.8 to 21.6 percent while XRP held strong relative to BTC.

Following President Donald Trump’s negative tweet about Bitcoin and cryptocurrency, the markets went on to rally and peak 21 hours later at a high of $11,950. Since then, the markets have gone into a downtrend—even monetarily going below $10,000 support. From its peak to the current price of $10,075, BTC lost 15.7 percent.

Bitcoin price chart by TradingView
BTC/USD by TradingView

Reported Bitcoin trading volume is up slightly, from a 7-day average volume of $25.4 billion to $26.0 billion—an increase of 2.36 percent. The 7-day average price of one BTC was $11,832.

On a weekly chart, Bitcoin was rejected from major resistance at $13,868 and $13,203 and now looks to challenge support at $9,500 and $8,400, according to analyst DonAlt.

Bitcoin support resistance by TradingView
XBT/USD by TradingView; analysis by DonAlt

Aggregate sentiment among popular cryptocurrency traders and analysts was bearish, with many forecasting a potential breakdown to sub $9,000 levels.

The overall altcoin market fared even worse. Based on aggregate market capitalization excluding Bitcoin (a measure that can gauge the performance of all altcoins weighted by market capitalization) from the July 14 market peak of $99.8 billion, altcoins dropped to a low of $78.9 billion:

Market cap excluding BTC by TradingView
Market Capitalization Excluding BTC by TradingView

Based on the current figure of $82.8 billion, the average altcoin weighted by market cap lost 17.0 percent. From market open on July 13, some of the biggest losers included the two major Bitcoin forks: Bitcoin Cash (-19.9%) and Bitcoin SV(-18.2%)—and Ethereum (-20.3%) and Litecoin (-16.74%).

The ETH/BTC pair is trading at its lowest since May 17, 2017, (when a single Ether was trading for $35) at a range between 0.021 and 0.022 BTC per coin. Although some say Ethereum will lead the next altcoin run, there are others who suggest another altcoin run comparable to what happened during the 2017-18 bull market is unlikely to reoccur.

One major outlier was XRP, which only lost 5.38 percent from open on July 14. Relative to BTC, XRP is up 4.53 percent over the last 24-hours.

XRP BTC chart by TradingView
XRP/BTC by TradingView

As asserted by popular analysts, if Bitcoin closes below $10,000 it may be wise to hedge a portfolio with Tether or USD Coin until the market returns to a bullish short-term trend.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 7.76% over the past 24 hours. BTC has a market capitalization of $184.15 billion with a 24-hour trading volume of $26.87 billion. Learn more ›


7 Nov at 2:52 am UTC



BTCUSD Chart by TradingView

Bitcoin On-Chain Analysis
Market summary

At the time of press, the global cryptocurrency market is valued at at $280.51 billion with a 24-hour volume of $88.21 billion. Bitcoin dominance is currently at 65.79%. Learn more ›