Bitcoin price drops back below $11K while the crypto market sees red

Bitcoin price drops back below $11K while the crypto market sees red

 

Cryptocurrencies image by Marco Verch for Flickr. Bitcoin (BTC), Ethereum (ETH) and XRP are recording losses as of today amidst the entire cryptocurrency market seeing red. Bitcoin price analysis

At the time of writing Bitcoin is down by 7.54% and trading at $10,464.76 as per data from CoinMarketCap . Bitcoin managed to break through the $12,000 resistance for three consecutive days, from August 6 to August 8. However, the world’s number one crypto failed to hold onto these highs for a notable period. Since Saturday, August 10, the price of BTC dropped by $400 in under an hour. Bitcoin has seen downward price movements since dipping below the $10,500 support. Altcoin markets seeing red

Ethereum, the number two crypto by market cap seems to be declining more steadily compared to BTC. At the time of writing, ETH is down by 1.76% and trading at $205. Despite this, ETH investors remain bullish as to the tokens long-term prospects. 54% of respondents in a recent Twitter survey reported that they believe ETH will climb as high as $1,000 at some point.

The number three crypto by market cap, XRP is also down by 1.78% and trading at $0.292673 at the time of writing. XRP’s downward movement could be attributed to the delisting of it by crypto exchange Beaxy. Moreover, the XRP and its affiliate company Ripple are currently facing a class-action suit from an investor who claims that XRP was misleadingly sold as a non-security.

As per the top twenty cryptocurrencies, Chainlink (LINK) […]