The financial markets across the world are witnessing a major meltdown with the coronavirus epidemic affecting major stock exchanges. The crypto market has also taken a plunge with most of the coins facing a major downtrend.
Leading currency Bitcoin received a major blow with the coin going below the $8,000 levels in the last 24 hours. BTC made a loss in value of 9% within this period and is currently priced at $7,942 per unit.
Key altcoin Ethereum fared no better with the coin losing close to 12% of its value in the last 24 hours. ETH is currently within its major support level of $200 with the coin trading at $204 as at press time.
Overall the market dominance of BTC remains steady at 63.6% with the total market cap around $228 billion.
Bitcoin Cash (BCH) Price Analysis
Bitcoin Cash has been one of the prime victims of the overall downtrend in the cryptomarket. The altcoin is facing an overall loss of -14.25%. It has also broken major support level of $280 and the current price of the BCH is $275.19 at press time.
The market cap is $5,041,611,078 with a daily trading volume of $6,143,076,857. Looking at the market trend the next support level for BCH is $270. There could be a slight upsurge in the coming days but this will likely depend on the overall market conditions.
Litecoin (LTC) Analysis
Litecoin is also among the coins that suffered significant losses in the last 24 hours. The altcoin endured an overall loss of -15.05% and it has been greatly affected by the major crypto downpour.
Litecoin is currently in its major support level of $50 and if it breaks beyond this level, there could be a steeper bearish momentum for the coin. Litecoin is currently valued at $50.37 and the current trend doesn’t signal any good position for the altcoin in coming days.
Binance Coin (BNB)
Binance Coin is trading at 17.04 following the overall downfall of the market. The last 24 hours has seen BNB lose 12% of its value with its market capitalization now $2.6billion.
BNB next support level is $15 and any crash below that could prove crucial. Nevertheless, an uptrend in price would see the next resistance levels pegged around $20.