Sunday Sees Red as Crypto Markets Dump $10 Billion and Bitcoin Slides Again
Following a largely bullish week for the majority of crypto assets, the bears have come out to play at the weekend. A slide back into four figures for Bitcoin has dragged most of the altcoins back down with it as $10 billion leaves cryptocurrency markets.
Crypto Market Cap Slides Again
A steady decline has resulted in total crypto market capitalization falling back to just above $260 billion. Daily volume has also dumped from over $70 billion on Friday to around $50 billion today according to Coinmarketcap.com.
Total market cap 48 hours – Coinmarketcap.com
The move has been initiated by Bitcoin which has failed to hold ground above $10k yet again. The slide started late Friday after a brief top of $10,300. BTC eventually bottomed out at around $9,850 according to Tradingview charts and recovered slightly to trade at $9,940 where it has currently settled.
The descending triangle pattern is clearly defined and analysts have predicted moves in either direction however the low side looks like the better bet when the breakout finally occurs.
XRP’s Violent Rejection at Key Resistance Level Spells Trouble for What’s Next
Sunday January 19, 2020
Overnight, Bitcoin faced a firm rejection after attempting to garner significantly further upwards momentum. This instantly led major altcoins like XRP and Ethereum to drop in tandem, shinning a light on some potential underlying...
The post XRP’s Violent Rejection at Key Resistance Level Spells Trouble for What’s Next appeared first on 12bitplay - Bitcoin Play.
Are you team green or team red?Tick-tok$BTC #Bitcoin pic.twitter.com/G3zoAIex13
— Squeeze (@cryptoSqueeze) September 22, 2019
CEO: Bitcoin Halving Will Hugely Push The Entire Cryptocurrency Market Upwards
Friday January 17, 2020
Bitcoin Suisse CEO, Arthur Vayloyan sets out a bullish expectation for cryptocurrency in 2020. And while many investors are feeling a sense of frustration over Bitcoin’s failure to recapture the all-time high, Vayloyan reminds...
The post CEO: Bitcoin Halving Will Hugely Push The Entire Cryptocurrency Market Upwards appeared first on 12bitplay - Bitcoin Play.
With over two months of range bound action traders are yearning for a bigger move in either direction to break the monotony. Analyst ‘CryptoHamster’ has been looking at the Mayer Multiple which is a way to gauge the current price of Bitcoin against its long range historical price movements. The indicator also highlights when BTC is overbought or oversold in the context of longer time frames.
“Mayer Multiple is well below its moving average – in the zone where corrections usually bottom. So, it is either already over, or we will hit that 1.09 value.”
Ethereum DApps Saw 1.2m New Users in 2019: It’s Tremendous For Long-Term Price Trend
Tuesday January 21, 2020
Decentralized Applications (DApps) on the Ethereum network recorded over 1.2 million new users in 2019. Continuous growth of the ETH ecosystem is an essential fundamental factor for its long-term price trend. Report shows there...
The post Ethereum DApps Saw 1.2m New Users in 2019: It’s Tremendous For Long-Term Price Trend appeared first on 12bitplay - Bitcoin Play.
$BTCUSD, 1D.Mayer Multiple is well below its moving average – in the zone where corrections usually bottom. So, it is either already over, or we will hit that 1.09 value. $BTC #bitcoin pic.twitter.com/ng5Rll2hjt
— CryptoHamster (@CryptoHamsterIO) September 22, 2019
A drop to that level would see Bitcoin prices back around $8,000 again but they are unlikely to remain that low for long. The buyers have always been able to push prices back into five figures but no new money is entering the markets at the moment.
Maybe Monday’s Bakkt launch can generate some much needed momentum so this could be the final dip.
Altcoins Suffering Again
Last week there was renewed hope that some of the altcoins, namely Ethereum, has started to move independently of their big brother. ETH is still up 17 percent since the same time last weekend but it too has started to slide. Ethereum is down 3 percent on the day and is currently trading just above $210.
The pain is greater elsewhere with Ripple’s XRP dumping back below $0.28 again and Stellar mirroring its movements. The red is deepening for most cryptocurrencies this Sunday with EOS, Binance Coin, Cardano, IOTA, NEO, and Cosmos all losing over 4 percent.
Bitcoin dominance is clinging to 70 percent but with altcoins sliding again it seems safe for now.
Image from Shutterstock
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