2019-1-29 15:49 |
Bitcoin’s price decline doesn’t seem to be coming to an end yet. The world’s largest digital currency dropped yet again to land at $3340 on Tuesday.
Other cryptocurrencies in the market have also fallen sharply as January draws to a close.
Bitcoin fell by 5.2% over the weekend and has shed 1.40% in value over the past 24 hours.
The Crash May Not Be Ending SoonBitcoin’s downwards trend is causing the broader markets to trade in the red. After a yearlong crypto bear market, the cryptocurrency reached its monthly lows today after falling throughout the weekend and Monday too.
Over the past 7 days, Ethereum’s value has fallen by 11.32% while Bitcoin Cash has dropped by 11.59%.
Ripple, EOS, Litecoin, Tron and Stellar also saw declines over the weekend, and the downward trend has continued into this week as well.
Cryptocurrencies have been falling for the past 12 months, shedding $400 billion in total market value.
The total market capitalization of over 2,000 cryptocurrencies is at $110.9 billion as of this morning.
Miners have also come under pressure as the falling price of Bitcoin means that its average cost of production is higher than its market value.
Is There Hope for Change?The technical outlook doesn’t support a bull market for now.
The GTI VERA Convergence Divergence Technical Indicator suggests that Bitcoin has entered a new selling trend today, according to Bloomberg. This is the first times its happened since mid-November.
Bloomberg states that the last time a sell signal occurred, Bitcoin dropped by 50%, moving from $6,280 to $3,156 in just two weeks.
Bitcoin’s Price Woes Continue in 2019, Drops to Its Lowest Point of the Year was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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