Crypto Markets Are Red: BTC Takes A Beating Below $8,200

The Bitcoin news today show that the most dominant cryptocurrency is still trading sideways for most of the day. BTC managed to take a sudden dip in recent hours and has traded flat for the better part of the last 24 hours. With an intraday high of around $8,400, BTC took a sudden dip below the $8,200 and is the first sign that the crypto markets are red.

The average daily trading volume right now hovers about $15 million, while its market share decreased to 66.3% which is the lowest level we have seen since the beginning of August. According to analysts, Bitcoin needs to take a further dip and test the $8,000 price mark once again.

On the good side, the crypto markets are red but BTC is still up 120% since the beginning of the year, when it was trading in the range of low $3,000s. Meanwhile, the ETH news show that Ether is not doing much better and is back in its $180 price mark. The biggest altcoin of all hit an intraday high of $187 but has since been declining to its current trading price and is down by 3% at press time.

A lot of analysts hoped to see Ethereum climbing towards the $200 level. However, knowing that the crypto markets are red, the approach to the next critical resistance area was seemingly too much to handle for this altcoin.
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XRP is also reporting a minor loss of less than 1% overnight and is trading at $0.2878 per coin. With this, Ripple’s XRP is part of the altcoins which are showing a price downturn that might be sign of worse things to come.

The top 20 cryptocurrencies by market cap are mostly showing reds, and EOS is being hit with a loss of more than 6%. Meanwhile, Tron (TRX), Cardano (ADA) and Chainlink (LINK) are all showing losses of around 5% on the day.

The only exception is Bitcoin SV (BSV). While the crypto markets are red, BSV is showing gains of almost 4% on the day, and right now we can see that one BSV trades at nearly $90. The overall cryptocurrency market cap lost around $4 billion overnight and is now trading in the $221 billion region.