Bitcoin poised to break $40k support amid risk aversion

Cryptocurrencies are having another shaky trading with the market is drifting towards a dangerous territory where a constellation of key risk factors may further deepen the current downward pressure due to the vulnerable support level and dwindling buy orders.

The dive is a major blow for Bitcoin fans and is expected to, unless bounces up quickly, set a good base for an extended downside move due to the breach of sustained psychological support.

This may open new lows, pushing bitcoin below the US $40,000 psychological level as the market sentiment seems to be flashing toward further drops. Altcoins would suffer similar percentage-point declines as they have done so far.

The entire market has almost been closely moving in lockstep with bitcoin which has been used as a guide by traders to make their bets. Crypto markets operate 24/7, setting the stage for price swings at unpredictable hours.

Bitcoin, the largest cryptocurrency by market capitalization, is changing hands at US $42,180 (down 2.6%). Ether is down 5% to US $2,920.

Among Top 10 big caps, Dogecoin (DOGE) is the best performer up 0.5% in 24 hours.

As of press time, Top 10 free-floating cryptocurrencies over the day:

CryptoUSD24HCap
Bitcoin (BTC)$42,180-2.6%$794B
Ethereum (ETH)$2,920-5%$343B
Ripple (XRP)$0.9-1.7%$93.6B
Cardano (ADA)$2.1-1.9%$68B
Binance Coin (BNB)$359-3.1%$60.3B
Solana (SOL)$147-7.9%$43.6B
Polkadot (DOT)$27.9-5.5%$31.1B
Dogecoin (DOGE)$0.210.5%$27.7B
ChainLinkToken (LINK)$22.6-5.1%$22.6B
Uniswap (UNI)$20.1-5.9%$20.1B

Meanwhile, some currencies have shown much extraordinary performance in terms of their volatility during this period.

At press time, here are 10 crypto coins outperforming the market average:

CryptoUSD24HCap
Melon (MLN)$16052.2%$0.29B
SwarmCity (SWT)$0.03938.8%$0.00033B
Numeraire (NMR)$44.17.7%$0.48B
Vethor (VTHO)$0.0097.4%$0.35B
Ontology gas (ONG)$0.76.9%$0.19B
AmaCoin (AMA)$0.0416%$0B
Lunyr (LUN)$0.235.7%$0.0005B
NOW Token (NOW)$0.053.1%$0.0045B
Gnosis (GNO)$2502.6%$2.5B
Sentinel (SENT)$0.032.1%$0.06B

10 underperforming cryptocurrencies over the past 24 hour period:

CryptoUSD24HCap
Algorand (ALGO)$1.67-19.1%$0B
OmiseGO (OMG)$8.98-18.3%$1.3B
Celer (CELR)$0.09-13%$0.9B
HEX (HEX)$0.41-10.5%$0.024B
Origin Protocol (OGN)$0.8-10.3%$0.8B
Populous (PPT)$1.36-9.9%$0.07B
Digitex Futures (DGTX)$0.0024-9.8%$0.0038B
V-ID (VIDT)$0.7-9.4%$0.036B
Cosmos (ATOM)$32.7-9.3%$8.8B
Humaniq (HMQ)$0.006-8.6%$0.0011B

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile asset with a high level of risk.  Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice. 

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