Bitcoin Cash Slips 11% as Crypto Market Starts Week with …

The light at the end of the hovel could be a train.

The observant fits Bitcoin Cash ABC whose marketplace capitalization determined a weekly high at $2.36 billion on Jan 24. But, at the start of this week, the cryptocurrency’s tip fell to as low as $1.94 billion.

BITCOIN CASH 7D PERFORMANCE | SOURCE: COINMARKETCAP.COM

Key Support Range Broken

At 1354 UTC, the BCH/USD pair was trade at 110.81, down 11% on a 24-hour practiced timeframe, according to information aggregator CoinMarketCap.com. The use also highlighted that traders exchanged vast hands between Bitcoin Cash and Bitcoin on LBank and P2PB2b – both of them unregulated.

BITCOIN CASH 1H CHART | SOURCE: TRADINGVIEW.COM, COINBASE

According to charts available at Coinbase, a US-based regulated crypto exchange, BCH/USD was now next the prior accumulation range. Between the trade event of Jan 20 and Jan 22, the 119.52-121.34 operation had capped the downside attempts. On Jan 27, bears tested the same area to extend their downside corrections. And today, they managed to puncture the pronounced support operation and determined new lows at 108.22.

Technically, the silver is looking at a smaller liberation in the near-term as the Relative Strength Index (RSI) aims for a improvement above 30.

Crypto Market Loses $6 Billion

The pile-up of Bitcoin Cash came as a part of an altogether disastrous view in the cryptocurrency market. As of 1400 UTC, the industry’s total loss, according to 24-hour timeframe, amounted to scarcely $6 billion. While Bitcoin Cash led the pile-up with the 11% plunge, Stellar followed by dropping more than 10%.

STELLAR 7D PERFORMANCE | SOURCE: COINMARKETCAP.COM

At 1405 UTC, the XLM/USD rate was nearby 0.089, down 25.8% from the weekly high at 0.128. A vast apportionment of Stellar coins was exchanged for/from Tether’s USDT on crypto mark sell ZB.com, according to CoinMarketCap.com.

Unlike Bitcoin Cash, Stellar had a elemental reason behind the dismissive opening over the weekend and today. A wallet, compared with the Stellar Development Fund, allegedly sent XLM tokens opposite the several cryptocurrency exchanges. It led to a gossip observant that the core group was transfer their pre-mined XLM holdings. True or not, the news managed to shake trade sentiments for the coin.

Though, the cost opening of Stellar was strikingly identical to Bitcoin Cash. According to Binance, the XLM/USD also pennyless next a vicious support range.

STELLAR 1H CHART | SOURCE: TRADINGVIEW.COM, BINANCE

However, distinct Bitcoin Cash, the RSI in Stellar hourly draft is already recuperating from the oversold territory.

Losses Everywhere

Other tip cryptocurrencies fell identical to Bitcoin Cash and Stellar. But, their waste were partially lower.

Ethereum and Tron, for instance, plunged inside the operation of 6-7%, according to a 24-hour practiced timeframe. At the same time,  Bitcoin, EOS and XRP forsaken between 3-4%.

Bitcoin SV, on the other hand, was the third misfortune behaving tip cryptocurrency. According to CoinMarketCap.com, the BSV/USD rate forsaken more than 8% in the past 24 hours. Bitcoin SV and Bitcoin Cash ABC were innate out of Nov 2018’s argumentative Bitcoin Cash fork.

Click here for a real-time bitcoin money cost chart.

Featured Image from Shutterstock. Price Charts from TradingView.

Article source: https://www.ccn.com/bitcoin-cash-slips-11-as-crypto-market-starts-week-with-6-billion-loss/