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

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

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.

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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