Price Analysis 08/01: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Stellar (XLM), Litecoin (LTC)


The majority of cryptocurrencies are experiencing price declines that have seen most coins lose anywhere between 3 and 10 percent in the last 24-hours. The market turbulence has resulted in bears taking control as bulls run out of energy.

The industry has lost over $18 billion in terms of market capitalization, although trading volumes remain high due to sell-off pressure. The current global market cap is $272 billion and the average intraday volume is $15.5 billion.

The general slide in market prices is being pegged on news that South Korean officials could end tax benefits allowed to crypto exchanges. It is part of the wider concerns by authorities that crypto is aiding money-laundering and other illegal financial activities.

Bitcoin (BTC) price Analysis

Bitcoin (BTC) price has plummeted further into the red today and is in danger of sliding below $7,500.

The leading digital asset has lost over 5 percent in the last twenty-four hours and nearly 8 percent from gains made last week. Today’s decline continues after prices dipped below the narrow range BTC had been trading since Friday last week.

BTC/USD is currently trading at $7,580, losing over $1000 in the last one day. It has a bearish short-term outlook. Experts have warned that bitcoin could drop as low as $5,000 before another rally takes is beyond recent highs near $8,500.

The daily trading volume is now $5.5 billion and its market cap has lost $10 billion since trading began yesterday morning. It’s currently valued at $130 billion.

Ethereum (ETH) price analysis

Ethereum (ETH) is also trading in a bearish trend over all three charts of hourly, daily, and weekly sessions.

The second largest crypto has seen its value decline by over 4 percent and over 10 percent in both the twenty-four and seven day trading periods. It is currently exchanging hands at $423 against the US Dollar.

It has however been quite resilient against BTC, and currently trading at 0.05610885 BTC. It is 1.61 percent higher over its value against BTC in the last 24 hours.

The ETH/USD pair is dropped sharply from $435 to $415. Although it has gained to reach above $420, prices are facing resistance at $427 against the US dollar.

The intraday trading volume is now $1.9 billion, and the market valuation is $2.7 billion. Ethereum could test $410 today if buyers don’t reappear.

Ripple (XRP) price analysis

XRP price spiked briefly to hit above $0.45, after a surprise positive momentum that is quickly fading.

The third-ranked crypto had gained close to $0.02 within minutes but has seen the price break below again.

XRP/USD is currently trading at $0.443, beginning to dip after it had gained over 4 percent in the morning. It’s now 2.7 percent in the green over the day and nearly 3 percent lower in the last seven days.

The market-wide bearish outlook means XRP could see prices retest support at $0.43 and $0.42. the upside can only be sustained if the bulls push prices back above $0.50.

However, XRP’s strong performance against BTC could be an advantage. The coin is now over 7.12 percent higher against the top cryptocurrency, trading at 0.00005889 BTC.

The daily trading volume is higher than that seen July 31 when a total of $228 million was traded. Today’s strong move has seen that rise to about $332 million. The market valuation is currently $17.4 billion.

EOS (EOS) price analysis

EOS is trading at $7.28 against the US dollar and is looking to drop even further. The crypto has failed to hold above $7.50 and is deep in the red over the last seven days.

EOS traded in the green for a while in the morning but sees selling pressure push it south over the hour and in the daily charts.

The coin dropped from $7.41 to touch today’s low price of $7.11. An upside saw it a series of low higher, but momentum was capped at $7.35. Prices have since fluctuated under that, with a near-term bearish mood taking over.

EOS against BTC is however in the green over the last 24 hours. The fifth-ranked coin trading higher by 4.20 percent against the top coin and is now exchanging hands at 0.00096306 BTC.

With prices expected to dip further, EOS may test support at $7.00 in the next few hours. An upside will, however, see it reach resistance at $7.65.

EOS has a daily trading volume of $665 million and a market valuation of $6.6 billion.

Stellar (XLM) price analysis

Stellar (XLM) is currently trading at $0.27 against the US dollar. Even though the immediate outlook is bearish, prices are seeing ups and downs, which has been its trend over the last couple of days.

XLM/USD has touched a high of $0.283. However, it has also dropped sharply to touch a low of $0.26 twice in the last few hours. Lumens are finding it hard to trend north on the hourly and daily charts.

It’s just less than 1 percent in the red in the hour-to-hour charts and similarly less than 1 percent in the green over the last 24-hour period.

Its price movement against the top coin BTC has been relatively less volatile. It is currently exchanging hands at 0.00003619 BTC (which is 4.50% higher in the last 24 hours).

Stellar was the best performing crypto in the top ten in July, but its price has tanked to erode most of those gains. It could still recoup these losses if sentiment begins to head north.

Lumen’s intraday trading volume is $85 million, which is close to that exchanged on July 31 at $90 million. Stellar is still ranked sixth with a market capitalization of $5.1billion.

Litecoin (LTC) price analysis

Litecoin (LTC) price tumbled and break below support at $80, reversing gains last week. July 31 saw its value hit a low of $76 before early morning trade today saw it rise to hit $80.83.

Bulls ran out of energy though and prices are back below, currently trading at $78.08 against the US dollar. Prices are likely to head lower, as LTC is largely affected by the movement of top coin BTC. It’s currently less than 1 percent in the green in the 24h charts and over 9.7 percent in the red over the week.

However, like many altcoins in the top 10, Litecoin has remained in the green against BTC in the last 24 hours.  At the moment, it’s trading at 0.01031390 BTC (higher by 3.85%)

The crypto most popularized by its comparisons to Bitcoin remains in the seventh position with an average intraday volume of $325 million, while the market capitalization is at $4.5 billion.

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