Crypto Markets Turn Red Once Again, Bitcoin Price Hovers Under $8K

Friday, Oct. 18 — Bitcoin (BTC) is suffering from further downward selling pressure and continues to trade below the $8,000 price mark.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin traded below the $8,000 price mark for most of the day. The world’s largest cryptocurrency traded at an intraday high of around $8,135, with a sudden dip toward $7,900, before settling down at its current trading price of $7,952. BTC shows a subtle loss of around 1.6% in the past 24 hours.

Bitcoin seven-day price chart. Source: Coin360

Cointelegraph contributor Rakesh Upadhyay said that any new asset class has to go through a difficult phase of adoption and that this will coincide with phases of utter disappointment in between, but in the long run, he said, a good innovation will find its due place.

Ether (ETH), meanwhile, is currently sitting at $173.43 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of 1.95% at press time. Upadhyay said Ether is likely to drop to the critical support zone of $161.056 to $151.829.

Ether seven-day price chart. Source: Coin360

XRP failed to grind its way up to the $0.30 price point after yesterday’s 5% jump on the day. The third-largest coin by market capitalization is currently trading at $0.294 per coin, down 1.93% at press time.

XRP seven-day price chart. Source: Coin360

Top-20 altcoins turn red

Most of the top-20 coins are showing red candlesticks. Monero (XMR) and Chainlink (LINK) are showing losses of 2.24% and 3.26%, respectively, while Bitcoin SV (BSV) takes the title of best performer in the top 20 with gains of 1.3% on the day. The worst performer among the top-20 is Cosmos (ATOM), down 4.69% in the last 24 hours.

The overall cryptocurrency market cap decreased from $220.3 billion to $216.9 billion, with Bitcoin making up 66.1% of the total.