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Bitcoin, Ethereum, Ripple Prices - Cryptocurrency Market Slumps 76% YTD

Bitcoin, Ethereum, Ripple Prices - Cryptocurrency Market Slumps 76% YTD

2018-08-14 10:00:00
Nick Cawley, Strategist
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Bitcoin, Ethereum, Ripple: Prices and Analysis

  • Bitcoin (BTC) breaking below $6,000.
  • Ethereum (ETH) has lost 34% in the last week.
  • Ripple (XRP) down 92% in 2018.

IG Client Sentiment Reportshows that retail investors remain heavily long of Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH) as prices continue to plummet. See how daily and weekly changes shift sentiment.

Cryptocurrency Market – Another Day of Double-Digit Falls

The cryptocurrency market remains in freefall with most tokens racking up double-digit losses with little news prompting the last fall. The downtrend that has been in place since the mid- to late-January highs remains in control with noted support levels being breached seemingly with ease. Bitcoin has out-performed the general market malaise but is still 65% lower from its January 7 high of $17,212. Bitcoins’ market dominance is up from a year-to-date low of 32.5% to a current level of 53.4%, highlighting this outperformance.

The cryptocurrency marketplace has lost $636 billion since its high print of $833 billion in January as altcoins plummet. The third-largest crypto by market capitalization, Ripple, has dropped in value from $143 billion to a current level of $10.45 billion, according to data from CoinMarketCap.

Bitcoin and Ripple Technical Analysis and Price Levels

Bitcoin, Ethereum, Ripple and Litecoin -- Year-to-Date Losses (High to Low)

  • Bitcoin (BTC) – currently $6,025 - down 65% from January 7 high of $17,212.
  • Ethereum (ETH) – currently $268 – down 81% from January 14 high of $1,420
  • Ripple (XRP) – currently $0.262 – down 92% from January 4 high of $3.30
  • Litecoin (LTC) – currently $51.5 – down 83% from January 6 high of $307

We cover Bitcoin, Ripple, Ethereum and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesdays at 12:00pm.

Ethereum Down 34% in One Week

The second-largest cryptocurrency Ethereum has been under heavy selling over the last week and has broken through strong support at $359, the April 1 swing-low. ETH currently is back at levels last seen in September last year, having fallen through the cluster of trades between $270 and $320 seen in late September to Late November 2017. The next level of support is at $200, the September 15 low and the start of the sharp rally up to $1,420.

Ethereum (ETH) Daily Price Chart (September 2017 – August 14, 2018)

Bitcoin, Ethereum, Ripple Prices - Cryptocurrency Market Slumps 76% YTD

You can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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