Bitcoin’s (BTC) upward march lost momentum with the apex cryptocurrency trading below the $13,500 mark at press time — well below the $14,000 highs it touched over the weekend.
What Happened: The cryptocurrency ran up nearly 28% in October, which is the biggest single-month gain for Bitcoin since April this year, as per CoinMarketCap data.
Other major altcoins were in the red as well, with Ethereum down 5.72% and XRP falling 3.90%.
Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), and Monero (XMR) fell 7.38%, 12.40%, 7.29%, and 11.90%, respectively.
Stablecoin Tether’s (USDT) 24-hour volume stood at $49.03 billion, while Bitcoin’s volume was $32 billion in the same period.
“If we consider overbought daily technicals plus failure to beat the 2019 high resistance and a risk-off backdrop, it is perfectly reasonable to anticipate the possibility for a healthy decline ahead,” Joel Kruger, strategist at LMAX Digital, told CoinDesk.
Ashish Singhal, CEO of cryptocurrency exchange CoinSwitch, attributed the fall to the U.S. presidential election on Nov. 3 and also to “small corrections.”
Why It Matters: “Unless the market can establish above $14,000, there is a risk that rally stalls here in favor of a healthy retreat,” according to Kruger.
PayPal announced last month it would allow its users to buy, sell and hold Bitcoin, as well as other cryptocurrencies.
Price Action: At Press time, Bitcoin traded 1.63% lower at $13,453.53, Ethereum was lower 4.47% at $375.72, Ripple traded 7.23% lower at $0.23, while Chainlink fell 12.49% to $10.28.
Photo by Andre Francois McKenzie on Unsplash
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