Crypto enthusiasts and investors were pretty optimistic about the new year, hoping that it would bring in the bulls and hopefully stabilize the market. However, the start does not look very promising as whatever stability the market had gained over the last week came crashing down, as bears tore down whatever major cryptocurrencies gained over the past week.
Bearish trends plunged the market by 11% in a single day, causing losses of over 15 billion to the crypto trade market capitalization. The two waves of dump over the period of an hour saw many cryptocurrencies fall well below its lower resistance mark.
Bitcoin Slips Below $4,000 Mark Again
Bitcoin, which was facing strong resistance at $4,000 mark, suffered another setback when bears plunged its prices to $3850, the lower support mark. However, the bloodbath did not stop there, as another wave of dump, after 8 hours, made bears mow down Bitcoin and bring its price down to $3660. Bitcoin was trading at $3679 at the time of writing, however, a move below $3600 can bring the value down to its December lows of $3200.
Ethereum Makes it a Habit of Being the Biggest Loser
Ethereum’s tryst with low prices and being the king among the biggest losers amid market crisis has continued in 2019. It lost a total of 15% of its valuation, and its bullish run which saw it gain over 80% within a week, came crashing down. The impact was so hard that it lost its second spot to Ripple again.
Ripple lost 11% as well, but the Ethereum downfall proved much bigger pegging XRP to jump to the second spot. The margin between the two is quite low, but looking at the problems of Ethereum network, it is slowly but surely facing serious issues. Hopefully, the Fork scheduled for the network would bring in the bulls back.
Verge Proves To be an Exception
Verge (XVG) which many have labelled as the Dead Coin, has made people eat their words as it has emerged as the only crypto which saw an upward moment amid market downfall. Verge gained 7.8% on the day where major cryptocurrencies lost around 11% of its market cap. However, there is no real factor driving its prices up, so many analysts believe that XVG will soon surrender to bears as well.
The recent purge by bears could make the year 2019 a doom even before crossing the first 10 days. The current market cap is rallying between $120 Billion and $140 Billion, however, if things do not improve soon, the prices can touch all-time lows very soon.