Cryptocurrencies facing a new make or break moment

Cryptocurrency traders are going through another shaky trading period with the market is drifting towards a tricky territory which may open up 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 persistent downtrend, subdued market activity, falling transaction numbers, and risk aversion on the back of negative events over the past couple of weeks have so far failed to ruffle the feathers of the majority of retail cryptocurrency holders clinging to their precious digital coins although institutional investors are increasing staying away. 

No matter how much you try to brush aside China’s ban on crypto trading, this is a significant risk event. 

Every single time China makes news about cryptocurrencies, the entire market plunges.

This is not without a reason. China is one of the biggest participators in the cryptocurrency market by both the number of traders and volume of trading but also is one of the most regulating countries in the world.

In addition, Chinese traders and investors has significant control in mining and staking activities due to low-cost electricity and local availability of huge amounts of money as the government has restriction on the money outflow from the country.

Holding well above US $40,000 mark so far, this level is widely seen as the steepest cliff edge for Bitcoin, if fell, would likely drop to the US $34,000 level, which was previous stronghold for weeks. This can pave the sloppy way to US $27,000. 

Bitcoin is trading at US $41,390 at the moment while the second largest digital token ether is down 5% to US $2,760.

Among Top 10 big caps, ChainLinkToken (LINK) is the relatively good performer today up 0.7% in 24 hours.

At press time, Top 10 variable-price crypto coins by market cap:

CryptoUSD24HCap
Bitcoin (BTC)$41,390-3%$779B
Ethereum (ETH)$2,760-5%$325B
Ripple (XRP)$0.9-4.3%$90.1B
Cardano (ADA)$2.19-5.6%$70.9B
Binance Coin (BNB)$325-7.7%$54.6B
Solana (SOL)$142-3%$42.2B
Polkadot (DOT)$27.1-10.9%$30.2B
Dogecoin (DOGE)$0.2-5.4%$25.9B
ChainLinkToken (LINK)$22.90.7%$22.9B
FTX Token (FTT)$51.4-1.6%$16.6B

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

Out of the relatively known digital coins, here are Top 10 cryptos that are doing better than the market over the day:

CryptoUSD24HCap
AmaCoin (AMA)$0.0514.6%$0B
Melon (MLN)$14913.9%$0.27B
Ontology gas (ONG)$0.76.9%$0.19B
Celer (CELR)$0.185.4%$1.8B
Travala.com (AVA)$2.925.4%$0.15B
Maker (MKR)$2,3805%$2.4B
Hydro (HYDRO)$0.024.1%$0.0015B
CryptoSoul (SOUL)$0.64%$0.06B
Decentraland (MANA)$0.73.6%$1.6B
Sentinel (SENT)$0.032.1%$0.06B

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

CryptoUSD24HCap
SwarmCity (SWT)$0.022-22.6%$0.00019B
Populous (PPT)$0.7-21.7%$0.036B
Aeternity (AE)$0.08-21.1%$0.032B
COTI (COTI)$0.5-15.9%$1.1B
Ren (REN)$0.9-11.5%$0.9B
Aelf (ELF)$0.6-11.3%$0.5B
Polkadot (DOT)$27.1-10.9%$30.2B
TenXPay (PAY)$0.041-10.8%$0.008B
ShareToken (SHR)$0.028-10.8%$0.07B
Cosmos (ATOM)$36.5-10.6%$10.2B

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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