The Crypto market fall under pressure as market capitalization shrink. The Market cap fell down below the below the $170 billion support level. The market was significantly weakened by the poor performance from the largest coins in the market, the Bitcoin (BTC) and the Ethereum (ETH). Investors also saw the altcoin fall under pressure with large losses from any familiar names.
The Altcoins Under Pressure From Weakening Crypto Market
Today’s trading saw smaller altcoins take a hit from the pressure brought by the weakened major coins. The Bitcoin cash was hit especially hard when it declined by more than 7% for the day’s trading. The Bitcoin Cash or BCH fell past the $285 support level to settle around the $277.74 mark.
Further downward pressure could push the BCH closer to the next support levels at $272 but if the currency bounces back, it could challenge the resistance levels at $285. A breakthrough could push it back above the $295 mark.
The Bitcoin Correction Pushes it Down to Support
The Bitcoin prices have recently been rising but after a strong showing the past two days the price corrected. The correction pushed down the Bitcoin from highs above $5600 to $5370. Analysts are expecting further losses before hitting a support that could create a bullish trend that will push it back above $5400.
Ethereum Fell to a New Week Low
The Ethereum also fall under pressure as it continued its losses from Yesterday. The Ethereum fell close to the $160 level, below resistance levels at $167. Analysts believe that the ETH will continue to test the $160 support levels before the bulls decide to re-engage.
The Binance Coin Bounce Back
The Binance coin fall under pressure yesterday despite a successful migration to their own network. Today, the market was more favorable for the Binance coin as it grew 4% in today’s trading. It went above $23.20 and could challenge the $24.00 resistance point.