After the recent short-term trend which led most of the top coins in the green, the latest Bitcoin news show that the BTC price has dropped by 3.53% as the market lost the quickly gained billions and came to a round number of $120 billion.
The unforeseen movement of Bitcoin did not lead to the expected short-term recovery of other major crypto assets as the low market cap cryptocurrencies fell overnight. Just like most weekends, the weak volume did not sustain the bullish run and typically, the market demonstrated a dip in volume and a minor decline in trading activity.
Still, over the past two days, the volume of Bitcoin managed to remain above the $5 billion mark and the daily volume of the market was above $17 billion. The relatively high daily volume of major crypto assets allowed the market to rebound prior to Monday, when the volume generally begins to pick up and the market started to see an increase in trading activity.
As one analyst with an alias “Cred” explained:
“Very compressed price action following the high set on Monday. My plan is straightforward: Price below & finding resistance at $3,560s I’ll look for sells targeting $3,430s. Breakout & price accepted above $3,700s I’ll be a buyer until $3,840s.”
Even though the price of Bitcoin dipped, the situation is not entirely negative for the cryptocurrency market cap. Ethereum, Cardano and Litecoin surged over the past days but have also monitored big losses over the past 24 hours.
Currently, there is no green for any altcoin in the top 20 market cap as all demonstrated losses from 2% to 8%. The biggest losers were IOTA (MIOTA) which fell by 7% overnight, followed by EOS (EOS) with a 6.21% drop as well as NEO (NEO) which dropped by 6.83% respectively.
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