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- The global and crypto market is witnessing “Bloody Monday” as major stock exchanges worldwide and the majority of cryptocurrencies are facing a major downtrend.
- Bitcoin has taken a huge downtrend toll and going below the crucial level of $8k. Ethereum is also on the major support level of $200 and the further downtrend will help the bears to become more aggressive.
- The overall market capitalization is $228,453,324,074 and volume traded of $172,403,670,932. The market dominance of BTC remains intact with 63.6%
- Talking about the stock market worldwide, these are the current downfall faced by the index of the leading stock market industry around the globe. (All the quantitative data are measured in points).
- US Market (NASDAQ): -162.98, (Dow Jones):- -256.50
- European Markets (FTSE):- -242.88
- Asian Market (SENSEX):- -1579.43, (NIFTY):- -436.50
Bitcoin (BTC) Price Analysis
The world’s largest crypto assets in the world are facing immense downtrend movement as the global market has been a bloody Monday. BTC has gone down to the level of $7900.
The crypto asset is facing an overall loss of -9.31 in the market with a market cap of $144,926,988,405 and volume traded of $45,358,252,025. Looking at the current scenario, the downfall may resume due to the global outbreak of coronavirus and its panic around the globe.
Looking at the technical aspects, BTC has got the support level of $7900 but looking at the downfall, the bulls do not compete. A further downfall to the price level of $7500 can be witnessed. Looking at the major downfall in the market, it is important to monitor the fear & greed index.
Currently, the market is showing the nature of extreme fear which means there will be prolonged bearish nature for BTC in the market. This means that the overall crypto market will be down facing for the upcoming days according to current given conditions.
Ethereum (ETH) Price Analysis
Ethereum has reached its major support level of $200 due to the overall major downfall in the market. The current price is at 206.04 with an overall loss of -10.51%. The market capitalization is $22,668,428,427 and volume traded of $24,699,333,208.
Ether broke the support level of $200 and went to the price level of $199 but somehow managed to climb to the safe zone for now. Another break below $200 will be hurting ETH bulls more immensely.
Ripple (XRP) Price Analysis
Ripple is also facing major downtrend condition in the market. It is having an overall loss of -9.93% and currently, the price is halted by the strong support level of $0.20. if the crypto asset breaks below the major support level, more magnitude of bearish momentum can be built for the XRP.
The current price is $0.209620 with the market capitalization of $9,185,133,650 and volume traded of $3,066,650,960. Looking at the overall market condition, it is not expected that XRP won’t be able to make pricing recoveries any soon.
Tezos (XTZ) Price Analysis
Tezos have broken below its crucial pricing level of $3.00. Currently, it is at the major support level of $2.50 with a massive overall loss of -11.48%. The downtrend may force the altcoin to reach the price level of around $1.90 too.
The XTZ/BTC pair is also having negative movement of -2.38% with the level of 0.00032053BTC. As of now, there is no sign for price recovery for the altcoin and the support level of $2.50, $2.20 and $2.00 are the only psychological help XTZ can have.
Tron (TRX) Price Analysis
Tron has also been one of the prime victims of the overall downtrend in the cryptomarket. The altcoin is facing an overall loss of -11.25%. It has also broken the major support level of $0.015 and the current price is at the level of $0.14.
The market cap is $991,262,401 with volume traded of $1,437,132,234. The downtrend can be halted by another major support level of $0.010 but it will depend moreover on the overall market conditions.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
