Major Dip of $30 Billion in Cryptocurrency Market: Bitcoin Cash, Binance Coin, EOS and TRON Value Analysis

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

The cryptocurrency market is experiencing a sharp correction in the values of the virtual currencies and as well in the value of all over market capitalization too. The cryptocurrency market fell down by $30 Billion in the course of the correction after the bullish rally in the market. The market capitalization of the crypto market reached a new monthly peak value of $276 billion then it experiencing a strong decrease in the value.

The crypto market values are always uncertain, even Bitcoin value has also experienced the correction in its figure and its value decreased almost up to the support levels of $8,600 to $8,400. EOS and Bitcoin Cash both have also decreased by 8% and 10% respectively of their values. BNB and TRON have also experienced a decrease in their values as well.

The crypto market cap has dropped down at the level of $255.0 billion and because of this, a strong loss in values is experienced by Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BCH, TRX, LTC, and EOS.

Bitcoin Cash (BCH): Bitcoin Cash was trading at near the value of $480 in the bullish movement and its value even crossed the support level of $450 and $460, but the value of the currency decrease because of the strong correction.

Currently, Bitcoin Cash is trading at the value of $423.11 USD and it is experiencing a sharp decrease by -9.92% in its value. The market capitalization of the BCH is $7,536,397,046 USD and the 24-hour volume of the BCH is $2,701,977,141 USD. The circulating supply of BCH is 17,811,813 BCH and the max supply is 21,000,000 BCH.

This shows that the present value of the BCH is even broke the support levels of $450 and $440. The present support level of the BCH is at $420 and if the price decreases further then the price will test the support levels of $405 and $400. If the price goes up then the price will test around the level of $450.

Binance Coin (BNB): Binance coin is currently trading at the value of $31.88 USD and its value is decreased by -7.43%. The market capitalization of the BNB is $4,500,756,125 USD and the 24-hour volume of the currency is $506,188,236 USD. The circulating supply of the BNB is 141,175,490 BNB and the total supply of the currency is 189,175,490 BNB.

The value of the Binance Coin is dropped from the value of $34.00, and it also broke the support level of $33.20. Experts are predicting that the value of the currency will further break the support levels of $31.50 and $31.20.

EOS and TRON (TRX): The value of EOS is decreased by -8.23% and is currently trading at the value of $7.41 USD with the market capitalization of $6,795,843,064 USD. The 24-hour volume of the currency is $4,934,496,034 USD and the circulating supply of 917,150,933 EOS.

EOS is dropped from its support level of $8.0 and it also broke the support level of $7.80. The support level of $7.50 is smashed as well under the bearish correction and the predictions are that it will break $7.30 and $7.20 level.

TRON is trading at the value of $0.031351 USD and the value of TRON is decreased by -10.65%. The market capitalization of the currency is $2,090,536,620 USD and the 24-hour volume of the TRX is $1,013,243,454 USD. The circulating supply of the currency is 66,682,072,191 TRX.

Previously, it was trading above at the value of $0.0350 support level, but its value dropped and it also broke the support level of $0.0320. If the price further goes down then it will test the price near the support level of $0.030.

The 4-hour time frame of the cryptocurrency market shows the surge in the new month peak value up to $276.1 billion, but the market capitalization of the currency dropped up to the level of $265.0 billion and $255.0 billion and there was also smash present at $250.0 billion support level. The bullish trend line was also present. 100 SMA guarded the current the decrease, but still, the market is under the bearish pressure and currencies are at risk of losing.

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