Ethereum classic top the gainers table this week so far after it surged 12% on Wednesday.
August 21, 2019 | AtoZ Markets – The cryptocurrency market has been bearish in August after a negative July. Unless a fast and sharp bullish run returns, we are about to close another month of net losses across the board. The current bearish market started in late June and has now lasted for nearly 3 months. Meanwhile, Ethereum Classic has defied the overall market immediate short-term direction.
Crypto market lost $15 billion in hours
The cryptocurrency has lost about $15 billion on Wednesday alone and $54 billion in the last 2 weeks. Now at $264 billion, the market shed $18 billion in less than 24 hours. After it peaked at $318 billion in the first week of August, it has been all bearish as the bulls cashed out to probably look for new entries at lower price levels. Meanwhile, Bitcoin maintains 69% dominance after its price dropped from $10,900 to $10,100 in less than 24 hours.
Top 3 Performance: Bitcoin, Ethereum and Ripple
Bitcoin made a good effort toward recovery after it rallied from $9,500 in mid-August to $10,900 four days later. If the bulls had pushed further above $12,000, there would be a good chance of recovering completely from the current bearish correction. However, the premier digital coin slumps early on Wednesday to $10,100 in just a few hours. There are support levels at $9,500, $9,100 and $7,200.
Ethereum moved in a similar manner with BTC. At the same time, it rallied from $74 to $205 in a few days. It has, however, dropped to $185 and has $75 as the nearest support level.
Ripple has been the worst in the top 5. Earlier in the month, it dropped to 24 cents – its lowest since late 2017. Like top cryptos, it bounced to 29 cents in four days before dropping to 26 cents where it’s currently priced.
Top 20 biggest winner and loser
Among the top 20 coins, the biggest loser has been Chainlink (LINK). It currently exchanges at $2.35 after dropping 5.4%. The biggest winner has been Ethereum Classic after hitting $6.38 earlier today.
ETC price spiked by 12% to hit $6.18 on Tuesday. The gain extended to 16% when the Crypto hit $6.38 early on Wednesday. Ethereum Classic is the biggest gainer this week so far. The current bearish wave has limited the rally and dragged ETC price to $5.9. The closest support levels are $5.45 and $5.3.