The crypto market was under intense pressure as the crypto market cap fell below the $170 Billion mark. The shrinking of the crypto market cap is evident in the losses felt by coins across the board. The Bitcoin was hit especially hard, prompting analysts to be wary of the main coin for the near future.
The Bitcoin Hit hard By Falling Market Cap
The Large drop experienced by the crypto market cap is worrying analysts. They are especially worried about the bitcoin as it failed to go past the $5300 resistance point. The bitcoin settled at $5230 after a day of trading.
Analysts see the weakening momentum from the bitcoin, and they believe that this could push the main crypto coin below the strong psychological support at the $5000 mark. Some are even thinking that it could collapse below $4000.
The Ethereum Remain Steady
Despite the shrinking Crypto market cap, the Ethereum was a sign of stability for the blockchain coins. The Ethereum was relatively unmoved at the $157 mark. It should feel downward pressure once the bitcoin drop kicks in but it will likely be held up by a strong support at the $150 mark. A bounce back from the support level should push it back above $160 level.
The Market Cap Shrinking Turns Crypto Coins Red Allover
The other coins in the market were adversely affected by the crypto market cap falling below $170. The Bitcoin Cash was hit hard again losing around 7 percent for the day. This loss pushed the Bitcoin cash to $237. Binance Coin fell to $21.47 and marks an approximate 5% loss. Another coin that lost 5% was the Cardano which settle at the price of $0.065 for the day.
Meanwhile, the IOTA gave back the gains enjoyed yesterday. This takes IOTA back down to $0.29. This shows the partnership with car company Jaguar was not enough to keep the coin up.