Cryptocurrencies Finished Lower Across the Board
The trading volumes have been light in the Altcoin market, the market for smaller coins other than Bitcoin.
The top few cryptocurrencies by market value look to safest space and we are seeing rotation out of altcoins into Bitcoin.
After breaking out of the weekend range Monday, Bitcoin tested Key support, that if broken, could open up a significant move lower.
Last week’s decliner leaves BTC in a fragile technical position as it attempts to stabilize at 6,100-6,200 support. A break below 6,100 would signal a retest and possible break of 5,800 support with potential risk to 5,000.
Monday’s broad-based selloff has pushed the total value of all cryptocurrencies below $200-M and then Bitcoin bounced and restored the crucial number
Coming off a bounce-back week: Ether ETHUSD, +1.04% rise as much as 20% off its low, the 2nd-largest digital currency was giving back significant gains Monday, trading down 12% at 195.09.
Litecoin LTCUSD, +0.79% was down 8.5% at $52.21, Ripple’s XRP coin XRPUSD, +1.78% was lower by 3.9% at 27c and Bitcoin Cash BCHUSD, +2.41% was off 7.5% at 415.50.
Bitcoin futures ended lower Monday.
The Cboe Global Markets Group Inc.’s September contract XBTU8, +0.28% finished the session down 4.8% at 6,217.50, and the CME Group Inc. September contract BTCU8, -0.08% closed down 4.5% at 6,230.
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