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The cryptocurrency markets are cooling off today. The only breather is that they are not cooling off by a significant amount and are just trading lower by around 2%. Most of the mainstream cryptocurrencies are actually trading in the red. The cryptocurrency market cap has also reached $ 219 billion. We will today look into the overall status of the markets to know more.

Cryptocurrency markets trade in the red:

The Bitcoin (BTC) dominance stands at around 51.7%. The Bitcoin is trading down by 0.83%. However, it is still up for the crucial levels of $ 6500. It is trading around $ 6565. On the other hand, when you look at Ethereum (ETH), it is trading around $ 227. Among the top 3 cryptocurrencies, the largest loser is ripple (XRP). It is trading lower by 7.78%. It is trading around $ 0.547. When you look at some of the other popular cryptocurrencies like Stellar lumens (XLM), it is trading down by just 0.8%. It is trading around $ 0.257. Similarly, Bitcoin Cash (BCH) is trading down by 1.55%. It is trading around $ 527. Thus, the general trend in cryptocurrencies is in the negative.

This was also reflected in the cryptocurrency market cap. 24 hours earlier, the overall cryptocurrency market cap was around $ 223 billion. Currently, it is around $ 219 billion. This clearly indicates that the general trend today in cryptocurrencies is in the negative. Owing to this very reason, many short-term and positional investors are trying to figure out how should they trade the cryptocurrencies. The general trend of the market is often reflected in many of the Altcoins as well. That is why, if the market remains negative for a longer period of time, the smaller Altcoins will start losing even more ground. This will propel the market cap even lower.

The thing which remains to be seen is whether the cryptocurrency markets are able to recover in general or whether the downturn still persists. As of now, it seems like the cryptocurrency markets are just stagnating. If the crack widens, then the smaller cryptocurrencies and Altcoins might fall even more. Also, that it has been largely falling without any big news as well. This is another reason why the cryptocurrency seems to be stagnating. It remains to be seen how the week progresses further. Up until now, it has been lackluster and the cryptocurrencies have been stagnating as well.