Bitcoin’s average daily trading volume hovers about $15 million, while its market share has decreased to 66.3%, which is the lowest level since the beginning of August.
The world’s most popular cryptocurrency has traded flat for the better part of the last 24 hours, with an intraday high of around $8,400. In the last couple of hours, BTC took a sudden dip below the $8,200 price mark, showing a loss of more than 2% on the day.
Tuesday, Oct. 15 – Bitcoin has continued to trade sideways for most of the day, taking a sudden dip in recent hours.
Cointelegraph contributor filbfilb expects Bitcoin to take a further dip and test the $8,000 price mark once again. He told subscribers of his Telegram channel:
“Moving averages are crossed bearish on every major timeframe up to but not including the weekly.”
On the positive side, BTC is still up 120% compared to the beginning of the year when it was trading in the range of low $3,000s.
Ether (ETH), meanwhile, isn’t doing much better and is back to trading around the $180 price mark. The No. 1 altcoin hit an intraday high of $187, but has since been declining to its current trading price, down 3.07% at publishing time.
Many were hoping to see Ethereum continue its upside momentum towards $190 to $200, but the approach to the next critical resistance area was seemingly too much to handle for the altcoin.
XRP is reporting a minor loss of less than 1% over the past 24 hours and is trading at about $0.287 per coin.
Altcoins are suffering once again
Altcoins are showing a price downturn that might be a sign of worse things to come.
The top 20 cryptocurrencies by market cap are mostly showing red candlesticks, with EOS being hit with a loss of more than 6%. Tron (TRX), Cardano (ADA) and Chainlink (LINK) are all showing losses of about 5% on the day.
The exception is Bitcoin SV (BSV), which is showing gains of almost 4% on the day. One BSV trades at nearly $90.
The overall cryptocurrency market cap sits at $222.5 billion, with Bitcoin making up 66.3% of the total.