The top 20 cryptocurrencies saw a sharp market reversal, reporting heavy losses over the 24 hours to press time after earlier today seeing major gains. Most of the severe downward movement among top coins happened in under half an hour. This comes just a day after we discussed in great detail whether or not the cryptocurrency rally of the last week plus was real.
Bitcoin (BTC) broke the $4,150 mark again today before falling back under $3,900 and even lower today. Bitcoin is down over 5 percent on the day, trading at around 3800, about 10 percent down from its mid-day high of $4,210, according to CoinMarketCap data. Looking at its weekly chart, the current price is just under 5 percent higher than $3,632, the price at which Bitcoin started the week.
Leading derivatives market CME Group tweeted on Feb. 21 that the recent surge in Bitcoin’s price at the beginning of the week lead to record Bitcoin futures volumes on Feb. 19, with over 18 thousand contracts traded.
Ethereum (ETH) is holding its position as the largest altcoin by market cap, which by press time is over $14.5 billion. The second-largest altcoin, Ripple (XRP), has a market cap of about $12.4 billion.
ETH has seen heavy losses, down almost 10 percent over the last 24 hours, according to CoinMarketCap. At press time, ETH is trading around $139, after having started the day at $148. The current price is about 16 percent lower than the coin’s mid-day high of $165. On its weekly chart, Ethereum has seen its value increase almost 9 percent from $126, the price at which the coin started the week.
Back to Ripple. Ripple has lost nearly 7 percent in the 24 hours to press time and is currently trading at around $0.301, over 12 percent lower than its $0.34 high reported earlier today. This is a coin we really like too.On its weekly chart, the coin has almost entirely reversed its gains, up just a fraction of a percent from the start of the week:
Looking at this action in Bitcoin, Ripple, and ethereum, we conclude that what said in our piece questioning the rally is coming to fruition. We said that the cryptos would reverse course and settle out. We are expecting 3900-4000 bitcoin, 0.35 ripple, and 140 ethereum