Cryptocurrency market update: Weekend love fades as Bitcoin breaches $ 11,500, Ethereum sinks to $ 300

  • A fresh selling-wave grips the crypto markets as the weekend love vanishes
  • Bitcoin, Ethereum loses ground, as technical set up favors the bears.

Top 4 coins’ price overview

  • Bitcoin (BTC/USD) came under fresh selling pressure during the European morning on Sunday, as the bears took over control following a symmetrical triangle breakdown on the hourly sticks. As expected, the prices accelerated the drop below the key 11,880 support and tested the 11,500 levels. The most widely traded cryptocurrency wiped-off the gains seen over the last 24 hours and turned negative while its market capitalization now stands at $206 billion, down from about $ 213 bn seen earlier today. At the time of writing, the coin breaches the 11,500 level to reach daily lows at 11,412, losing nearly 3.50% on the day.
  • Ethereum, the second largest digital asset with the current market capitalization of $32.60 billion, also sees aggressive selling over the last hours after it breached the key confluence support near 307.50 levels. The bears are now testing the 300 threshold, as the coin loses 4.90% so far this Sunday. The downside is seen opening up towards 290 region (lows seen on Friday and Saturday).
  • Tracking the sell-off in the top two cryptocurrencies, Ripple (XRP) followed suit and eroded nearly 4% of its value to reach daily lows of 0.4066. The third largest coin now trades at 0.4094, looking vulnerable below the 0.4000 handle. The current market capitalization of the coin is seen at $17.64 billion.
  • Litecoin (LTC/USD): The bulls gave into the broader market sell-off, as the fourth most widely traded cryptocurrency invalidated the flag pattern and fell to 126.46 lows before reversing sharply to 137 levels. Over the last hour, the digital currency met fresh supply and fell back to near 130 region, witnessing a roller coaster ride on the last day of the week/ month.   

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