Are bearish markets real? Do they affect many cryptocurrencies at the same time? Yes. Yesterday, the bearish market was highly pronounced, unexpectedly hitting down all top 28 cryptocurrencies, yes 28.
In a straight bearish movement, tokens from Bitcoin downwards closed with significant losses, BAT and Maker managed to dodge the bullets for split seconds and fell right back. Out of all top 100 cryptocurrencies according to data from coinmarketcap, only 18 tokens attained gains for a short while in the last 24hrs.
While the bearish market hit the Ethereum for two days, Bitcoin surprised traders yesterday and almost fell below the $6,300 level for the second time in November. Trading volume fell by 0.30%, Market cap totaled at $110.67 B.
Ethereum’s trading price struggled to maintain stability, leaving traders highly skeptical as it staggers to strengthen its grip on a $207.56 per Ether but is likely to lose momentum and possibly make a comeback from the $150 to $190 resistance level.
Ripple’s outstanding performance yesterday was short lived as the token has now lost over 2.09% and cornered at $0.510597 for a short period of time. As of the time of writing Ripple is still shedding trading price as losses for today have already risen up to 1.71%.
Stellar, Litecoin, Cardano, Tron and EOS are not exempted from this crisis, the tokens have pushed and pulled but repeatedly failed to break out of their nearest resistance level. Stellar has descended the most with a loss of 4.07%, following the same suit, Tron has also gone down by 2.32%.
Meanwhile, Bitcoin Cash has surprisingly managed to navigate through the bearish market with slight gains ahead of its upcoming hard fork. BCH skyrocketed to an all-time daily high of $532.58, nearly breaking resistance to hold up at $600. As of this writing, BCH has amassed gains of 1.42% with a trading price of $515.31.