The top three cryptocurrencies in the crypto market, Bitcoin, Ethereum, and Ripple, saw broad-based selling on Thursday that brought down prices.
Top Cryptocurrencies Under Selling Pressure
The top three cryptocurrencies are bitcoin, Ethereum, and ripple. There was high-selling pressure during trading hours that brought down prices on Thursday, July 15, 2021.
The downtrend in Bitcoin prices has brought down prices of other altcoins too. Best cryptocurrency Bitcoin prices have a strong support zone at $30,570, which is the demand zone for crypto. If the top cryptocurrency breaches this support price, it may turn into a bearish momentum towards the $28,700 zones.
Investors, who choose to invest in Ethereum, are seeing huge selling pressure on their investments as it trades below the strong support level at $2,000.
Despite the decline in Bitcoin and Ethereum, the Ripple XRP is holding strong. If it gets into a bullish momentum, Ripple crypto prices may move to $0.780 soon.
Regulatory Problems Crush Crypto Market
China’s regulatory hand on crypto mining has brought a closure to all crypto mining projects. China has halted the supply of electricity for mining crypto currencies, quoting environmental hazards.
All mining operations in China have shut down. Important areas like Inner Mongolia and Xinjiang have a large concentration of these mines. But have shut down due to the power ban. The regulatory probe against crypto exchange platforms is a big struggle for the crypto market. Crypto trade volume has decreased from June 29. Prices are falling as the crypto tokens face regulatory bans in many countries.
Chinese miners are moving overseas for cryptocurrency mining. Most miners have chosen North America as the next hub for mining, followed by Iran, Kazakhstan, and Russia.
Anhui, located in eastern China, is the latest region coming under the ban. The mining ban will help address the power shortage in that region, say authorities in that region.
The UK regulatory probe against Binance has added to the selling pressure on the crypto trade in June.
Price Prediction of Top Cryptocurrencies
If investors wonder what cryptocurrency to invest in, the top cryptocurrencies suggested are Bitcoin and Ethereum. They have a large trading volume and are at support levels.
ETH is below the $2,000 mark. The volatile slump in crypto currency prices causes a scare among investors. If it crosses the 50 SMA crypto prices at $2,340, it is bound for an upswing. ETH/USD touched a high of $2,350 in July and moved lower to $1932 on July 13, 2021. The cryptocurrency market cap of Ethereum in July is at $232 billion.
XRP crypto currency prices moved to June 221 lows at 0.5100 levels on June 22. Analysts say that the best cryptocurrency to invest in is Ripple’s XRP. The XRP prices were at $0.6015 on Thursday. It shows signs of recovery in the crypto market as prices are not declining at the same speed as the market sell-off. Investing in cryptocurrency like XRP requires less capital, especially during a sell-off. The SEC ruling has to be taken under consideration while investing in cryptocurrency Ripple.
Bitcoin saw a volatile move from $30,000 to $60,000 in recent months. The top cryptocurrency in market capitalization is Bitcoin, as people prefer it as an alternative asset. In July, bitcoin prices are trading within a narrow range from $35,000 and $31,500. The cryptocurrency market cap of bitcoin in July is at US$616 billion.
Bitcoin has come down almost by half its value from the April highs. BTC/USD is trading just above $30,000 in July. During trading hours on Thursday, July 15, bitcoin prices were at the July lows at $31,850. However, prices recovered to $32,500 levels.
Bitcoin is down 8%, Ethereum lost almost 21%, XRP slipped 11%, and Binance Coin went down 10.7% on July 14. Other popular altcoins like Dogecoin, Uniswap, Cardano, and Polkadot fell 6 to 12%. The massive sell-off in top crypto prices with higher volume means that the trend will continue for some time.
Investing in cryptocurrency is best when the sell-off slows down, as prices are down at critical support levels.
Brazil Approves Ethereum ETF
According to crypto news, Ethereum ETF has got approval from the Brazilian Securities Regulator (CVM). QR Capital, the Blockchain investment firm, has approved the Ethereum ETF to list it on the Brazilian Stock Exchange. It got approval after three weeks after the launching of Bitcoin ETF. Brazilian investors can get access to top cryptocurrencies, Bitcoin, and Ethereum. The Brazilian economy has become weak, making investors turn to the crypto market to revive the capital inflow. They are looking into what cryptocurrency to invest in to reap good profits.
Crypto is a speculative market, and the user has to make his own research before investing. Tether, VeChain, and Polygon are gaining popularity in leading internet forums like Reddit in recent times. Users consider Reddit cryptocurrencies. They help to evaluate what cryptocurrency to invest in, as the crypto market lacks mainstream recognition. The crypto market depends on forums like Twitter, Reddit, and other big financial markets for price movement.
Price volatility is increasing risk on investments. Retail investors see the pull-back in the crypto market to buy altcoins based on the hype around it.