The cryptocurrency market has been reporting nothing but negative crypto news over the past week, and it seems like there are no signs of stabilization. Overnight, the market lost about $16 billion and dropped in valuation from $123 billion to $107 billion.
Aside from the market losing billions, Bitcoin has slid to a new yearly low of $3,310 – to later correct to the current price of $3,400. The group of cryptocurrencies that went in the red included Ethereum which has fallen to the $80 region, deleting all of the gains recorded throughout the bull market of late last year.
The price of Bitcoin Cash also fell to a double-digit and was trading at $96, after which it corrected to the current price of $100. However, the 20% drop definitely made investors take a beating and added up to the 80% monthly loss that this altcoin has suffered.
Previously on our DC Forecasts crypto news site, we reported that the Bitcoin price could be heading towards the $3,000 region which turned out to be true. The assets also continued their decline – altcoins such as Ripple, EOS, Stellar and Bitcoin Cash have fallen more than 91% from their all-time highs.
Throughout the past nine years, the crypto market experienced five major corrections with 85% drops in value on average – and this is definitely one of them. For Bitcoin to record a 85% drop alone, it needs to go to a price of $2,950.
To sum things up, it is safe to say that the market is in a bad place and Bitcoin falling to a new yearly low is not a good sign of a recovery. If this situation continues, a proper bottom could be set at even lower prices for Bitcoin and the entire market.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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