Signs of bull market exhaustion in the bitcoin market may be having a knock-on effect across cryptocurrencies in general.
All of the top 100 cryptocurrencies by market capitalization – bar nano, dentacoin and tether – are in the red today, according to CoinMarketCap data.
Bitcoin (BTC) has dropped over 8 percent in the last 24 hours, as was indicated by the bearish reversal pattern on the daily charts and head-and-shoulders breakdown on the hourly chart.
As of writing, BTC had dropped to $9,958 – down 16.72 percent from the recent high of $11,958 hit on Feb. 20.
As seen above, the biggest loser among the top 10 cryptocurrencies is bitcoin cash (BCH), down 10.58 percent in the last 24 hours. It’s also down 24.11 percent from the recent high of $1,641.40. The cryptocurrency’s ascent was cut short by key resistance around $1,533, shows Bitfinex data.
Also, taking a beating today is Ripple’s XRP. As of writing, the token is changing hands at $0.975152 – down 8.89 percent in the last 24 hours.
CoinDesk reported yesterday that Ripple has added five new payments clients in four countries. Further, San Francisco-based startup has also released white papers hinting at an upgrade for the underlying technology of XRP. However, the today’s drop indicates the good news has been ignored by the markets or is being overshadowed by the broad-based losses in crypto space.
Whatever the case, XRP is looking heavy on the technical charts. Also, it is worth noting the cryptocurrency is down 24.99 percent from the recent high of $1.3 (reached Feb. 10).
Meanwhile, as noted, the few gaining tokens are all out side the top 10, including small caps like nano (up 8.15 percent in last 24 hours) and dentacoin (up 2.48 percent).
The total value of all cryptocurrencies taken together stands at $445 billion – down close to 15 percent from the high of $519 billion seen on Feb. 18. However, that’s still 61 percent above the Feb. 6 low of $276 billion.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Prices correct at time of writing.
Roller coaster image via Shutterstock