The cryptocurrency markets as of today as continued their bearish trend picking up from where they left off on the trading floor yesterday. After a positive start to the week, investors are starting to experience what might seem like the beginning of major losses on the trading floor of the crypto market.
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Bitcoin (BTC) reached intraday highs of US$18,400 yesterday before cutting back to US$17,800 by the session’s close.
Another half a percent has been shaved from the BTC/USD pair this morning, bringing BTC down to US$17,700.
Bitcoin should find a support base at US$17,600, where buyers seem willing to jump in.
As for Ethereum (ETH), the second-largest cryptocurrency ended up one percent weaker at US$1,300 by yesterday’s close, and has since fallen another 1.5%.
The ETH/USD pair could end up at the US$1,250 support line if the bearish correction persists.
The correction has been felt harder by Binance’s BNB token, which fell nearly 4% overnight, as did Dogecoin (DOGE) and Litecoin (LTC).
Fantom (FTM), which was one of the best performers in recent days, hit a sharp 6% reversal in the past 24 hours.
On a positive note, embattled blockchain network Solana (SOL) continues to show short-term resilience having added 1.5% overnight to bring it’s market capitalisation close to US$5.2bn.
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Tron (TRX) is also outperforming with 1% added so far today.
Global market capitalisation across all cryptocurrencies is US$861bn, while total value locked across all decentralised finance (DeFi) protocols recently dipped below US$42bn
