Bitcoin on the verge of another massive sell-off

Fibo Quantum

  • Bitcoin and major altcoins have resumed the decline on Tuesday.
  • The downside momentum may be gaining traction on approach to critical levels.

The cryptocurrency market remains in the red zone during the early Asian trading on Tuesday. A short-lived attempt failed to take Bitcoin and major altcoins above critical resistance levels and inspire a full-fledged recovery.  

The total capitalization of all digital assets in circulation dropped to $275 billion from $290 billion this time on Monday. The total trading volume is registered at $53 billion, while Bitcoin’s market share has settled at 65.2%.

Top-4 coins price overview

Bitcoin (BTC/USD) touched $9,600 but quickly recovered to the area above $10,000; however, the market situation remains unstable as bears are getting ready for another assault. At the time of writing, BTC/USD is changing hands at $10,034, down 5% on a day-on-day basis. 

Ethereum, the second-largest digital asset with the current market capitalization of $22.7 billion, is down 5% on a day-on-day basis and down 2.5% since the start of the Asian session on Monday. At the time of writing, ETH/USD is changing hands at $211.00, moving quickly towards critical $200.00 amid growing bearish pressure on the market. 

Ripple’s XRP is under pressure, down both on a day-on-day basis and since the beginning of Monday. XRP/USD attempted a move above $0.3200 and hit the intraday high at $0.3206, but slipped towards $0.3110 by the time of writing. Ripple’s current market capitalization is registered at $13.4 billion.

Litecoin (LTC/USD) is losing ground rapidly. The fourth-largest coin with the current market capitalization of $5.7 billion has lost nearly 8% of its value and touched $90.26 low after an initial attempt to recover above $95.00