The crypto market is literally frozen over the past 24 hours with no worthy movement in trends. The market continues to be in the depressed mode. The total market capitalization is a lot below the $200 billion mark – the lowest in 2018.
The investor trends on Bitcoin has been pretty much the same over the past couple of days at $6,350. The consolidating level for BTC is seen below the key resistance level. The current resistance level for BTC is $ 6,400. A visible bearish trend shows a continuing pattern for the BTC.
Analysts are of opinion that, “Cryptocurrencies might be having a bad year, but zoom out, and they’re doing just fine. Four years from now, some of the current crop will likely have died, but if history is anything to go on, the best of them could be worth multiples more.”
Thomas Lee in his comment about the selling of trend states, “Demonstrate the foolishness of writing off cryptocurrencies just because they’ve been battered for a few months.”
The price of Ethereum continues to drop further by 2% eventually bringing the price to below $195. Decreased funding for Initial Coin Offerings and the overall decline in market confidence for cryptocurrencies has created a market slump for Ether.
Majority of the Altcoins are trending downwards and most of them were marked red over again this morning. Cardano sustained a 5% loss to $0.072. ADA has went down by 94% becoming the worst performing of all the altcoins. XRP and Bitcoin Cash trend in a negative decline furthering on with a 2-3 percent loss. The rest of the cryptocurrencies are relatively flat.
“Altcoins have not performed this badly ever since 2014” Fundstrat Global founder Thomas Lee added, that “ It doesn’t require sophisticated analytical tools to appreciate the extent of the altcoin bloodbath that has occurred.”
Nem and VeChain got beaten down by 5 to 6 percent. Tezos was up by 3.7%. Emercoin pumped 55%. Reddcoin up by 17%. Holo and Rchain drop by 7-9%.Total market capitalization for crypto continue to be at $195 billion. Ethereum market cap down by $20 eventually leading to dominance by the BTC market.
Altcoins are falling faster than the cryptocurrencies. They are not looking any pretty now for whatever reason. Bitcoins continue to sport re-silence.
Vice president Dombrovskis remarked, ““We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow,”