Bitcoin Drags Altcoins Down, Causing a $12 Billion Loss in The Market

The Bear Market Isn't Over Yet - Here’s Why!

Bitcoin is still seriously trying to hit the $8,000 mark and has been unsuccessful at it. Not only has it been unable to get above the price mark, but the price also dropped much lower than the near $8k price and directly caused a crash in the entire crypto market capitalization.

In less than 24 hours, the general market cap dropped from $250 billion to about $238 billion, costing the market at least $12 billion. This crash in price caused many other altcoins to follow suit, with their prices crashing too.

The Bitcoin Pullback

Bitcoin has tried a few times in about a fortnight to conquer the $8,000 resistance. Sometimes, it rises over $7,900, almost hitting the mark but slides back down again. Within the last 24 hours, it dropped more than 4% to trade a little over $7,600. However, this value was much lower on some exchanges, recording prices just a little above $7,500.

Following the current price behavior, we can ultimately conclude that the $7,400 mark is an important level of resistance for the asset. As long as Bitcoin stays above that mark, there generally is still a lot of hope.

However, there’s a chance that if Bitcoin drops below $7,400, then it might only be a matter of time before it drops further to $6,800 or maybe even $6,400, losing about $1,000.

Popular trader, Josh Rager has suggested that at the moment, there really is nothing to worry about because Bitcoin is “neither bullish nor bearish.”

What About the Altcoins?

Market
Via Coin360

Maybe there’s a need, however little, to worry about the altcoins, most of which aren’t doing very well at the moment. Ethereum, for example, dropped to $240, losing at least 5%.

Both XRP and Bitcoin Cash (BCH), the third and fourth largest cryptocurrencies according to market cap, have performed a bit worse as BCH lost 6% and dropped lower than $400 with XRP dropping about 6.3% to hit $0.375. EOS has also dropped 6%, just like its “colleagues.”

Other altcoins including Stellar, Cardano and BSV have also experienced some decline. Stellar and Cardano have both dropped about 8%. Surprisingly, BSV surged almost 100% just recently but has now lost 11% along with the other altcoins.

Even though the statistics aren’t looking good, the market is generally still a lot better than it used to be and a bullish trend is still expected to follow.

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