The cryptocurrency markets have produced a slight retracement in response to bitcoin core (BTC) testing a long-term descending trendline dating back to December 2017’s record highs. The dip has seen bitcoin cash (BCH) slip back below $150, and BTC fail to hold above $4,000. As of this writing, ripple (XRP) has again overtaken ethereum (ETH) to rank as the largest altcoin by market cap.
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Combined Cryptocurrency Market Capitalization Loses $11.5 Billion in One Day
The cryptocurrency markets have pulled back following BTC forming a third point of contact with a major descending trendline stemming from the record highs posted nearly 25 months ago.
At approximately 01:00 EDT, BTC fell by nearly 6% within an hour. The move reversed all gains generated by the spike above $4,000 that was posted on Jan. 6, sending uncertainty across the markets.
As of this writing, BTC has a market cap of nearly $66.81 billion and a market dominance of 52.5%. BTC is currently trading for $3,860 on Bitfinex and $3,775 on Bitstamp. The retracement saw the combined capitalization of all cryptocurrencies fall by more than $11.5 billion, dropping from nearly $138.9 billion to $127.1 billion currently.