The total crypto market cap lost $49.2 billion of its value over the last seven days and now stands at $278.2 billion. The top ten cryptocurrencies are all in the red for the same time frame with almost all of them registering double-digit losses.
Bitcoin SV (BSV) and Bitcoin Cash (BCH) are the worst performers with losses of 39 and 30 percent, respectively. At the time of writing, bitcoin (BTC) is trading at $10,200 while ether (ETH) stands at $221, and Ripple’s XRP is at $0.311.
Bitcoin closed the previous week with a 4.5 percent price increase and moved up to $11,486.
It opened the new seven-day period with a solid green candle on July 8, 2019. The pioneer cryptocurrency added 6.5 percent and climbed up to $12,264 in its third consecutive winning session. The BTC/USD pair was already looking at the $13,000 mark.
On July 9, 2019, bitcoin registered another day of strong trading and moved North to $12,568. The twenty-four-hour trading volumes increased from around $24 billion at the start of the week to approximately $35 billion on July 9, 2019.
The most popular cryptocurrency broke above $13,000 for a short period on July 10, 2019, peaking at $13,227. Bulls, however, were not able to hold their position and retreated, closing with a red candle to $12,098.
On July 11, 2019, BTC/USD moved even lower by closing at $11,325 with a loss of 6.4 percent. Bears were once again pushing towards the $11,000 support. A break below that level would likely confirm a short-term downtrend.