Bitcoin Dips Below $5,000 as Crypto Market Trend Slightly Reverses to Red
18 out of the 20 top cryptos by market cap are in the red today, while still seeing solid growth over the past 7 days.
Out of the 20 top coins by market cap, only two altcoins are seeing some growth over the day. Ranked 17th and 18th by market cap, NEO (NEO) and Ontology (ONT) are up around 4.4 and 3.8%, respectively.
Market visualization from Coin360
The biggest cryptocurrency, Bitcoin, is trading at $4,972, down around 2% over the past 24 hours. Having hit a multi-month high of $5,303 earlier on the day, Bitcoin is struggling to hold the $5,000 support, having dropped below the mark five times to date. The intraday low has amounted to $4,924.
With that, Bitcoin is holding significant momentum, up 22% over the past 7 days.
Meanwhile, Bitcoin’s dominance on the market has slightly increased, accounting for 51% of the market at press time, with a market cap of about $800 billion.
Bitcoin 24-hour price chart. Source: CoinMarketCap
Ethereum (ETH), the second-top cryptocurrency by market cap, is down 6.3%, trading at $161 at press time. Following a crypto surge, Ethereum is up about 15% over the past 7 days.
Ethereum 7-day price chart. Source: CoinMarketCap
Ripple (XRP), the second-ranked altcoin, is down 6.5%, trading at $0.338 at press time. The coin is still up around 9% over the past 7 days.
Ripple 7-day price chart. Source: CoinMarketCap
Bitcoin Cash (BCH), which skyrocketed over 50% yesterday, is down 5% over the past 25 hours. However, the coin is seeing a massive growth of almost 68% over the past 7 days, which is the biggest increase among top 20 coins by market cap.
Bitcoin Cash 7-day price chart. Source: CoinMarketCap
After hitting the all-time high of $86.5 billion yesterday, daily trade volume has dropped to $77 billion at press time. Total market cap slipped to $172 billion after hitting $187 billion yesterday.
The total number of cryptocurrencies listed on CoinMarketCap now amounts to 2,149.
Total market capitalization 7-day chart. Source: CoinMarketCap
Following a crypto rally on April 2, Brian Kelly, the founder and CEO of digital currency investment firm BKCM, predicted that the next Bitcoin target will be $6,000. Also on April 2, Bitcoin analyst Tone Vays said that the crypto market surge may have no specific catalyst, and that lower prices could still be in the cards.