The last 48 hours have been fairly unstable for tokens and coins alike, with the slight surfacing of bearish trends birthed from the recent unfriendly events that have clouded the cryptocurrency market. With BTC slumping down to $3600, the market isn’t looking rosy for other altcoins as the majority is going down with losses.
Ether faces a major drawback
Altcoins like Ethereum, in particular, is facing a major decline in trading volume; which is highly expected seeing the restrictions and limitations that usually follows a token prior to its hard fork. Ether which had hit a daily all-time high of $130 on the 15th of January is now trading at a price of $121.73 at press time. Market capitalization is facing intense drawback with an estimated $12.71 billion at the time of this writing, a price that was previously up to $13 billion just a few days back.
Coupled with the delay of the Ethereum hard fork which was scheduled for yesterday, both trading price, volume and market capitalization is expected to struggle with gains until the hard fork is completed.
The possibility of a 24hrs turnaround
Despite the fact that the overall market structure is floating in red lights, traders can expect a less volatile trading pattern in the next 24 hrs or less. The reason being that the overall losses incurred are still very much below 5%. While very few tokens have around 12 to 14%, the higher majority like BTC, Ether and other top altcoins have only lost a little over 1% to 5%.
This would mean that the last 24hrs have not deterred traders from taking a chance on the market, despite the slight uprising of bearish trends. Interestingly, tokens like BCH and EOS are still blooming in gains. With a total of 0.43% and 1.25% increase for IOTA and BNB respectively, other tokens are more likely to follow suit.