In the last 24 hours, cryptos continued moving in a dramatic fashion, with leading assets like Bitcoin (BTC) and Ethereum (ETH), posting losses that sent the blockfolios of investors into the red.
Cryptos’ aggregate volume recently dropped from approximately $130 billion to $122 billion, with this move backed by $15 billion in trading volumes. The market cap move shows a decline of about 6.5%, a slim loss compared to the dismal performance off BTC in the month of November.
Bitcoin (BTC) Price Today – BTC / USD
Since the peak of November’s sell-off, volumes have declined. BTC keeps moving in an intriguing manner, recently going below $3,800 in a slow and steady sell-off, which is a far cry from the approximately -15% days seen in mid-November.
Regardless, the fact here is that BTC remains below $4000, a psychological, technical and fundamental support level and isn’t ready to undergo a bullish breakout anytime.
As at press time, BTC has dropped to $3,780 on Bitfinex and on other exchanges (approximately $3,725). It keeps finding a strong foot hold at the price level. Also, as Bitcoin keeps falling, so are the other altcoins.
Although, a lot of retail traders are worried about this continuous downward trend, with some capitulating in recent weeks, analysts have been in search of a silver lining. Jani Ziedens, speaking with Aaron Hankin of MarketWatch noted: “Bitcoin continues flirting with the [$4,000] level as it struggles to find its footing following the latest selloff… But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.”
This statement could have been made in reference to claims made by crypto traders, who have said that seeing the performance of Bitcoin in November was bleak, it is likely that cryptos have been oversold and bears are becoming weary.
However, so many people have claimed that developments in 2019 such as Bakkt, and probably a bitcoin-backed ETF, will speed up the newfound bullish sentiment and momentum, which will lead to cryptos attaining new highs again.