The week has begun with the bears on the front foot. This has seen most altcoins and their leader Bitcoin drop in the red zone since the beginning of the week. However, some altcoins continue to defy this bearish momentum, owing to some key developments around their projects.
As we reported, IOTA has announced it will be collaborating with Jaguar Land Rover. This announcement saw IOTA immediately skyrocket, hitting highs of 15%. A few other coins are also showing some moderate gains but for the larger market, the trend has been bearish.
This recent drop has seen the market, which started the week a little over $171 billion, slip below $170 billion. At the time of press, the total market cap is around $168 billion. So, are the bears making a comeback and will the bulls have a swift response?
In the last couple of days, the market has seemed like it is in a wait-and-see phase. This means most holders are waiting to see what pattern the market picks up before deciding to buy more, sell or continue to hold. This phase is crucial and locks the bears and bulls in a battle. The pattern adopted in the next couple of days could potentially make or break Bitcoin in the short term.
Luckily for the bulls, the market has shown great stability in recent weeks, evident in the fact that the recent drop is still moderate and not a plummet. Additionally, the bulls have in recent weeks been quick in response.
By establishing high support positions, prices have avoided certain key lows and remained steady. For the last couple of weeks, these have been key to ensuring the bears do not take back the market, which is now only getting on its feet after months of battering from the bears.
At the time of press, cryptocurrencies such as Bitcoin Cash and Binance coin are dictating price movement as they drag down by more than 5%. Other coins such as LTC, XRP, and ETH are recording moderate drops of around 2% and 4%. The crypto boss Bitcoin is also in the red zone but only marginally, recording a drop of around 2%.