Altcoin Market in the Red: Bitcoin Cash, EOS, Bitcoin SV Drop 20 Percent

The most recent drop trimmed all recent gains for the top altcoins with Bitcoin, Ethereum, Bitcoin Cash, EOS, Ripple’s XRP recording double-digit drops

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Bitcoin Cash and EOS, the two top 10 altcoins, plunged by more than 20 percent, according to data provided by CoinMarketCap. While the Bitcoin price also shed 10 percent, its dominance remains well above 65 percent.

Crypto market takes a beating
Image by CoinMarketCap

Alt season is not coming

The two aforementioned altcoins are the biggest disappointments so far, but XRP and Litecoin are pretty much on the same page — both are in the double-digit territory.

XRP is currently trading at $0.33 after breaking below multiple support levels. Ripple’s native token will face major resistance at the $0.35 level.

Litecoin, on the other hand, has slipped below $100 for the first time since May as its halvening momentum is gradually losing steam.

As of now, Chain is the only large-cap coin that remains in the green despite the overwhelming market rout.

July has more potential 

As predicted earlier by cryptocurrency trader Josh Rager, the BTC price will continue seesawing in the $11,000-$13,000 range before another major breakout that is expected to happen by the end of July.

The launch of physically delivered Bakkt futures is slated for July 22, and it is supposed to be a major catalyst for Bitcoin.

However, the cloud of legal uncertainty that is hovering above Bitfinex and Tether could put a spanner in the works for the bulls.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.