There are some clear signs of bull market exhaustion in the bitcoin market. And they have an effect across cryptocurrencies in general. All of the top 100 cryptocurrencies by market capitalization are in the red today.
Bitcoin has dropped over 8% in the last 24 hours, as was indicated by the bearish reversal pattern on the daily charts and head-and-shoulders breakdown on the hourly chart. The most famous digital currency had dropped to $9,958 – down 16.72% from the recent high of $11,958 hit on Feb. 20.
The biggest loser among the top 10 cryptocurrencies is bitcoin cash, down 10.58% in the last 24 hours. It’s also down 24.11% from the recent high of $1,641.40.
Ripple has added five new payments clients in four countries. San Francisco-based startup has also released white papers hinting at an upgrade for the underlying technology of XRP. However, the today’s drop indicates the good news has been ignored by the markets or is being overshadowed by the broad-based losses in crypto space.
The total value of all cryptocurrencies taken together stands at $445 billion – down close to 15% from the high of $519 billion seen on Feb. 18. However, that’s still 61 percent above the Feb. 6 low of $276 billion.
