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Cryptocurrency Market Slow Down, With BTC Price Tumbling

Cryptocurrency markets are majorly displaying red candlesticks. The #1 rated Bitcoin (BTC) has dropped suddenly and hovering around $7,527.25 USD (-8.84%) on CoinMarketCap, with a circulating supply of 18,008,787 BTC, While other crypto rating portals like showing BTC at a rate of $7453.02, reporting a loss of -9.47% (change 24h), as on Wednesday, Oct 23.

BTC stats. Source: Coin360

Last week, Bitcoin (BTC) was trading btw $8,296.69 USD / $7,902.16 USD, today has dipped below $8,000 in fresh hours. The world’s largest cryptocurrency traded at an intraday high of nearly $8,300, before falling towards its recent trading price of around $7,527.25 USD . 

The loss is correspondingly taken by the other alt coins as well. Respecting BTC’s price Ether (ETH) is trading at $160.74 with a failure of -7.56%.  Eth the 2nd largest crypto, and a soul altcoin after BTC saw a dip and making a harmony with BTC at the time of writing. 

Crypto market has been seen until now controlled by the bulls purchasing scenarios and the bear price itself Bitcoin (BTC). Reportedly, Ether (ETH) still has the chance to recover its price, if the buyers would continue their stance and invest in ETH, without worrying about the slowdown in its price.

Interestingly, the technical position of  ETH/USD has recovered from the intraday low of $160.74. Purportedly, Eth can hit $196.483, if investors wouldn’t stop purchasing and trading it. If this level breaks, then ETH has the high chances to flaunt at a price  from $223.999 to $235.70.

Ethereum Price Chart. Source: CoinMarketCap

Since the start of the last week, crypto market wasn’t showing good signs and breaking continuously. This is the second time when Bitcoin tried to break above the $8,300 price point and suffered through a swift rejection.

It’s been a long time to see the impressive price movements in the crypto market with the fall in Bitcoin price. The other alt coins are also undergoing the fluctuations and flashing their figures in red candlesticks. 

From the past 24 hours, XRP (XRP) is trading at $0.275266 with a loss of -7.01%, Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), EOS (EOS), Bitcoin SV (BSV), Stellar (XLM), TRON (TRX) all are displaying in red signs. However, Tether (USDT) was appearing in green light of 0.36% (Change (24h)), but at the time of writing it has also gone down by -0.07%.

The retreat of the cryptocurrency market would go on until the largest cryptocurrency, Bitcoin BTC recovers. Till then it’s a great time again for the lazy and anxious investors to enjoy the process and start investing, if not yet thought about it.  

Image by Mediamodifier from Pixabay

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