Cryptocurrency market takes a significant dip as bears usher in the new week with substantial losses

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

At press time, the current state of the cryptocurrency market is not one that reflects the kind of market that traders of any cryptocurrency (be it BTC altcoins traders) are expecting to wake up to as the bears have taken the upper hand and the bulls are almost invincible.

At the time of this writing, the majority of the cryptocurrencies as listed on Coinmarketcap have taken a dip, some more intense than others, however, the current survivors are on the lesser average.

More precisely, only 13 cryptocurrencies have managed to resist the upcoming bloodbath with slight gains, but to rely on this would be a risk in itself as any slight downturn in the trading volumes of any of these surviving coins and tokens is most likely to take it to the opposite direction; the bearish path.

Current performance of coins/tokens at present

Bitcoin (BTC): The big bull has largely contributed to the overall losses attained by the cryptocurrency market, which is estimated to well over $100 million with BTC making up a significant amount of over $40 million in market cap.

This decline has been a barrier to BTC which had already crossed over to the $5,300 mark and was headed for the next resistance levels. After its short term upsurge to $5,359, BTC lost momentum to later clinch at $5,314.

Despite the bearish attack, BTC has only dropped by less than 1%, with a little less interference with the bears, BTC is certain to make a correction in its current trading price of $5290 and head back upwards.

Altcoins

On the other hand, it is no surprise that altcoins are the most affected, as they make up the majority of the market. The overall highest losers being Crypto.com chain (CRO) and Basic Attention Token (BAT) have lost 11% and 12% respectively.

Meanwhile, top altcoins like EOS and LTC have dropped by 4% and 5% respectively. The effects of this to these rival coins have resulted in EOS taking the upper hand, not with more gains, but lesser loss.

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