Market Watch: Bears tighten Grip as BTC drops to $3400, Altcoins shed more than 15% in loss

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Market Watch: Bears tighten Grip as BTC drops to $3400, Altcoins shed more than 15% in loss
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At this rate, it would be accurate to say that the current patterns in terms of price movement in the cryptocurrency market have left traders and investors in a state of chaos. As trading volume continues to fluctuate, trading prices simultaneously take a path of declination and leave market capitalization struggling to stay afloat. Overall market capitalization has decreased by $6 billion over time, leaving tokens and coins losing more than 5% between the weekend till present.

Bitcoin

The big bull, unfortunately, happens to have been one of the most victimized coins. After maintaining a trading price above the $3550 for the past one week, unable to build upon its momentum, Bitcoin is now sitting at $3475.13 and has now declined by 3.39% at press time.

This declination has left traders watching the coin closely as they anticipate a swift upswing before the coin hits a new yearly all-time low. As of yesterday, Bitcoin was still trading fairly above the $3500 level. In fact, the coin hit a daily all-time high of $3612.67 that had traders speculating a possible breakout to $4000, before it slightly fell back with a price of $3583.97.

Between now and the last 24hrs, Bitcoin has moved from a market cap of $62.73 billion to a market cap of $60.81 billion, this means that a total of $1.92 billion has been wiped of Bitcoin’s value.

Unsurprisingly, altcoins are not exempted from the games of the bears, and whatever this games happen to be, it has skillfully dragged 95% of all altcoins down as the losses range from 5% to 15% and running.

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Rankings from the 2nd to 15th spot shows that BCH, XLM, and IOTA has attained the most losses; 10.88%, 10.26%, and 9.73% respectively. Ether also happens to be taking the bloody route with a 7.14% loss dragging its price of $113.41 yesterday to $107.70.

Meanwhile, precisely 10 tokens have managed to escape the bearish outpour at the moment of this writing. While USDC and Waves make a narrow escape with 0.03% to 0.01% gained, Holo and Pundi X have amassed as much as %17.44 18.61% in profits.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.