Some signs of bull market exhaustion in the bitcoin market may likely have a knock-on impact on cryptocurrencies in general.
According to CoinMarketCap data, all of the top 100 cryptocurrencies in terms of market capitalisation – dentacoin, tether, and bar nano – are in the red today.
Bitcoin (BTC) has plunged by over 8 percent in the past 24 hours, as was shown by the head-and-shoulders breakdown on the hourly chart and the bearish reversal pattern on the daily charts.
At around 1 pm today, BTC had fallen to $9,958 – down by 16.72 percent from the high of $11,958 that was achieved on the 20th of February.
Bitcoin cash (BCH) is the biggest loser among the top 10 cryptocurrencies which is down by 10.58 percent in the past 24 hours. It is also down by 24.11 percent from the recent high of $1,641.40. Bitfinex data shows that the ascent of cryptocurrency was cut short by key resistance about $1,533.
Also, affected today is the XRP of Ripple. As of 1 pm today, the token is changing hands at $0.975152 which is down by 8.89 percent in the past 24 hours.
Yesterday, CoinDesk reported that Ripple was able to add five new payments clients in four countries. Also, a startup that is based in San Francisco has also released white papers that is hinting at a new upgrade for the underlying technology of the XRP. However, the drop from today indicates that the good news has been widely ignored by the markets or is being clouded by the broad-based losses in the crypto space.
Whatever the case may be, XRP seems to be heavy on the technical charts. Also, it is worth noting that the cryptocurrency is down by 24.99 percent from the recent high of $1.3 that was reached on the 10th of February.
Meanwhile, as noted, the few gaining tokens are all outside of the top 10, including small caps such as nano (up by 8.15 percent in past 24 hours) and dentacoin (up by 2.48 percent).
Taken together, the total value of all cryptocurrencies stands at $445 billion – down by close to 15 percent from the recent high of $519 billion that was seen on the 18th of February. However, that is still 61 percent above the low of $276 billion on the 6th of February.