The cryptocurrency market experienced another dip as most of the major top 25 cryptocurrencies suffered significant losses. Total market capitalization saw a 1.3% decline as the bearish waves refused to exit the crypto land. Although the weekend did manage to lift hopes, prices on Tuesday morning could not recuperate and continued to slide downwards.
Bitcoin failed to break the resistance at $6800 and remained well below $6780. The second major crypto Ethereum too, descended 4.8% from $500 to $460. Bitcoin Cash and Ripple, both suffered a downfall of around 4% and dropped to the $700 level and the $0.46 level respectively. Litecoin likewise fell 7% from $80 to trade somewhere around $78.
Other currencies with a smaller market cap like NEO and Cardano also underwent the rough Tuesday plummeting. NEO fell down by 9.6% to $35 and Cardano got toppled by 7% to reach the $0.13 level. Monero and Dash, the privacy coins collapsed by 7%, as did last week’s crypto star performer, Ethereum Classic. Qtum crashed by 8% and Ontology and Zillica are both down over 11% as the market continues to show a bearish bias.
However, the biggest loser among all cryptos was EOS, which tumbled down by 12% to trade at the $7.58 level. It is worth noting that EOS celebrated its all-time high only two and a half months ago when it hit $21.50. It has fallen by 65% ever since. The so called ‘Ethereum Killer’ has failed to keep up the hype it created a few months back. However, it would be too early to say anything about the altcoin as it is still a newbie.
Although the market is crashing down, one cryptocurrency has been swimming against the tide and gaining since the last weekend. Tezos, one of the major top 25 cryptocurrencies has managed to hit $2.28 with a gain of 5.6%. Ever since the XTZ token re-entered the market, it has gone through several crests and troughs. Nevertheless, the 5.6% gain marks its fourth consecutive day in a positive direction. Moreover, the corresponding effect of the bearish markets is not that substantial as its trade volume has declined from $13 million to just below $10 million.
Total market capitalization has gone down over 1.3% to $273 billion. The overall market conditions remain sluggish and it seems hard to predict whether to expect the bulls or the bears.