Bitcoin, Ethereum, XRP Drag Global Crypto Market Value Down
Amidst increased activities, the market value of all cryptocurrencies fell by 0.14% to $3.92 trillion on Wednesday due to sell pressures on top 10 digital assets. Trading data from crypto exchange platforms showed that the top three crypto assets—Bitcoin, Ethereum, and Ripple—hit a roadblock as optimism eased amidst global trade uncertainties and pressures on economic gauges.
The largest crypto asset (BTC-USD) declines to $118k level on Wednesday after recent positive and sharp price movement driven by optimism over U.S. regulatory milestones.
Reflecting general market sentiment, popular altcoins were falling, with Ethereum slipping by 0.93%, XRP falling 1.81%, and Solana dropping by 0.54%. Meme coin Dogecoin was down 4.3%.
Ethereum is trading at $3,674, up by 16.65% in the last seven days. XRP has dropped to $3.45, up by 17% in 7-day, its market value has been boosted by 55% in 30 days.
ETH-USD has been consolidating between $3,600 and $3,850 after an explosive rally that saw the second-largest cryptocurrency surge more than 80% since late June. Despite the brief pause in upward momentum, ETH remains in a strong technical position, holding above key support and showing signs of sustained bullish control.
This period of sideways action could be a healthy reset, allowing the market to absorb recent gains before initiating the next leg up. XRP had a fantastic rally in July after moving from $2 to $3.6 within two weeks. However, the resistance at $3.6 has put a stop to the rally as sellers returned here.
This has pushed the price into a pullback, which could find support at $3.4 or $3 if selling becomes more aggressive. Despite the current pullback, the overall momentum on higher timeframes remains bullish. This is best illustrated by the weekly MACD, which completed a bullish cross two weeks ago.
Bitcoin has posted strong monthly gains but now faces significant long-term resistance around levels of $123,000 to $125,000, IG analyst Tony Sycamore says in a note. “Adding to caution, three large wallets have sold approximately $11 billion worth of bitcoin over the past week, potentially limiting further upside momentum,” he says.
With Bitcoin hitting resistance levels and altcoins performing strongly, rotation into alternative cryptocurrencies appears likely, he says. Bitcoin declined by 1.1% to $118,453, having risen 10% this month and reaching a record high of $123,153 last Monday. Crypto bulls continue to see upside potential Fiscal, Debt Outlook Magnify Economic Challenges Facing Malawi
