Bitcoin Sees Strong Rejection at $9000; Sheds $800 in less than 24 Hours

//Bitcoin Sees Strong Rejection at $9000; Sheds $800 in less than 24 Hours

Bitcoin Sees Strong Rejection at $9000; Sheds $800 in less than 24 Hours

The wait for Bitcoin to go well above the $9000 mark will continue after the leading cryptocurrency met rejection at the level on today’s trading chart.

Earlier in the day, Bitcoin sporadically saw $300 gains, having started with a value of just above $8700 and climbing above $9000, albeit for only a few minutes.

As the chart which appears below reveals, Bitcoin’s stint above $9000 was short-lived as the bears lined up at that resistance level pushed prices back below $8200 in the space of eight hours.

At the time of writing the value of 1 Bitcoin was $8282 with its market cap now facing a fight to stay above $147 billion.

Bitcoin’s share of the global cryptocurrency market cap has also dropped following the steep decline, with CMC showing a press time value of 56.2%.

The coming hours will reveal whether Bitcoin’s value will dip further or quickly rebound to retest the $9000 resistance.

ETH/USD

Bitcoin’s steep decline undoubtedly had a strong effect on most of the top altcoins and Ether (ETH) was no exception.

The value of the leading altcoin has dropped by over 10% since Bitcoin’s plunge started, moving from $287 to $247 within five hours. Since then, though, Ether has made a comeback statement, exchanging hands at $255 at the time of writing.

The altcoin now has a market cap just above $27 billion.

XRP/USD

On the 24-hour chart, Ripple XRP coin is seeing losses within the same range as Ether (9%) with prices dropping from a high $0.47 to a lowly $0.41 value at press time. XRP’s market cap of $17.6 billion means the altcoin has now lost at least $2 billion to the market decline today.

Total Market Cap of all Cryptocurrencies — $260.8 billion.

AddisonChurchill

By | 2019-05-31T03:51:04+00:00 May 31st, 2019|Cryptocurrency|0 Comments
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