Top Crypto Market Losers
The cryptocurrency market is known for its wild ups and downs, and recent trends have shown some of the biggest names taking a hit. Here is detailed analysis of the top crypto market losers: Bitcoin (BTC), Ethereum (ETH), XRP, Toncoin (TON), and Binance Coin (BNB).Â
Bitcoin (BTC)
Bitcoin, the pioneer of cryptocurrencies, has become one of the top crypto market losers. It has recently taken a hit with its price dropping by 8.72% to $57,211. This decline has had a ripple effect on Bitcoinâs key metrics. Its market capitalization now stands at a staggering $1.13 trillion, marking a 5.21% decrease. Interestingly, while the price fell, trading activity surged, with the 24-hour volume increasing by 41.30% to $38.58 billion. This surge in volume relative to market cap, reaching 3.40%, suggests increased selling pressure.
BTC down by 7% compared to the price a week ago. Source. TradingView
From a technical standpoint, Bitcoinâs Relative Strength Index (RSI) stands at 47.55, indicating a neutral to slightly bearish sentiment. This suggests that selling pressure is present, but not yet at extreme levels.Â
Bitcoinâs price has fallen below its 9-week Simple Moving Average (SMA) of $64,809. This crossover beneath a key moving average often signals a potential continuation of the downtrend, as it indicates that shorter-term price action is weaker than the longer-term trend.
Ethereum (ETH)
Ethereum, often seen as Bitcoinâs main rival, hasnât escaped the market downturn. ETHâs price has plummeted by 9.73% to $3,101.77. This drop has led to a 5.50% decrease in its market cap, now at $375.36 billion. Like Bitcoin, Ethereum has seen a significant uptick in trading volume, with a 52.71% increase to $20.34 billion. The volume to market cap ratio stands at 5.42%, indicating heightened trading activity.
ETH down by more than 8% from a week ago. Source: TradingView
Technically, Ethereumâs RSI is currently at 49.51, similar to Bitcoin, showing a neutral to bearish trend. This suggests that ETH is neither overbought nor oversold at current levels, but the momentum is leaning bearish.
The price of ETH has dipped below its 9-week SMA of $3,432.79. This bearish crossover implies that Ethereum may face continued downward pressure in the near term.
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XRP
Another top crypto market loser, XRP, has seen its price decline by 6.83% to $0.4429. Its market cap has shrunk by 5.85% to $24.81 billion. However, XRP has experienced a substantial increase in trading volume, up 55.66% to $1.61 billion, with a volume to market cap ratio of 6.47%.
XRP facing more than 6% decline in 7 days. Source: TradingView
XRPâs technical indicators shows a more bearish trend than its counterparts. XRPâs RSI is significantly low at 35.63, indicating that itâs approaching oversold territory. This could suggest that a bounce might be due, but it also reflects strong selling pressure.
The current price is well below the 9-week SMA of $0.49288, signaling a strong bearish trend. The distance between the current price and the SMA indicates the strength of the downtrend.
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Toncoin (TON)
Toncoin, a relatively new player in the crypto space, has experienced a 7.06% drop, with its price settling at $7.1047. Its market cap decreased by 8.94% to $17.58 billion, while the 24-hour trading volume increased by 42.19% to $509.96 million. The volume to market cap ratio stands at 2.90%.
TON went down 5% within a week. Source: TradingView
Interestingly, Toncoinâs RSI stands at 64.90, which is relatively high. This suggests that despite the recent drop, TON may have been overbought and is now undergoing a correction.
The current price is near the 9-week SMA of $7.0862, indicating that TON is at a critical juncture. A bounce off this level could signal support, while a decisive break below could lead to further declines.
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Binance Coin (BNB)
BNB, one of the top crypto market losers, has taken the largest hit among these assets, dropping 10.71% to $519.5. Its market cap has decreased by 6.57% to $76.87 billion. The 24-hour trading volume increased by 15.99% to $2.01 billion, with a volume to market cap ratio of 2.62%.
BNB is down by 10%. Source: TradingView
The RSI for BNB is at 51.47, suggesting a neutral sentiment. This indicates that despite the significant price drop, BNB isnât yet in oversold territory.
BNBâs price has fallen below its 9-week SMA of $592.7, indicating bearish momentum. The magnitude of this drop below the SMA suggests strong selling pressure.
BNB is closely tied to the Binance exchange, so when Binance faces challenges, BNB often feels the impact. Lately, thereâs been increased scrutiny from regulators on Binanceâs operations in various countries. This added uncertainty, along with the general market downturn, has put extra pressure on BNBâs price.
Top Crypto Market Losers: What This Means for Investors
The current market downturn of these popular coins is a part of broaders bearish market. All five assets show bearish trends, with prices below their respective 9-week SMAs. XRP appears the most oversold based on RSI, while Toncoin shows signs of a potential bounce.
However, itâs important to remember that technical analysis is just one piece of the puzzle. Fundamental factors, such as regulatory developments, technological advancements, and broader economic conditions, play significant roles in cryptocurrency price movements. So, todayâs losers could be tomorrowâs winners if they are hit by favorable conditions.
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