Crypto markets showed a little promise as the weekend came to a close. It proceeded to dump all gains, however, during early trading in Asia on Monday morning, April 13. This could set the scene for the rest of the week, which may well be in the red.
The weekend has been flat with very little trading going on for digital assets. Total capitalization dropped below $200 billion [AU$315] on Friday as Bitcoin failed to hold $7,000.
Things started to move very late on Sunday with a push back above this level, but the action was short-lived as the majority of crypto assets are declining again today, April 13.
BTC has dumped 2% on the day in a fall to $6,700, and analysts are leaning bearish and predicting further declines.
$BTC 4 hour updated Chart.
— CryptoFibonacci (@CryptoFib) April 13, 2020
There is support at current levels, but failure to hold this could result in a drop back to $6,400.
Ethereum is sliding by a similar amount as it tumbles back towards $150, while XRP is in a lot of pain below $0.185.
The biggest decline in the top ten over the past 24 hours is Litecoin, which has slumped 5% back to $40. The two recently halved coins, BCH and BSV, are also in the red.
The only altcoin in the green at the time of writing is Chainlink, as yet again it defies the bears and continues to strengthen, chasing down a top ten spot.