The Crash of the Cryptocurrency Market; Is now the time to buy Bitcoin?

The digital currency markets are nowadays at a turning point since most of the cryptocurrencies have lost a lot of value, erasing almost all the gains achieved since October. Since the historical maximum (ATH) of Bitcoin Core (BTC) of 19,600 dollars, the cryptocurrency has lost 70% of its value. The total capitalization in cryptocurrencies of the more than 1,600 coins is 234,000 million dollars since it has lost almost ⅔ of value since December.

Last year, there has been a value of 11.7 billion of digital currencies negotiated as that trade volumes continue to weaken. On the other hand, there has been much behind-the-scenes development, and large crypt-centric companies such as Coinbase, Blockchain, Circle and others are now attracting institutional investors from venture capital firms.

Top 10 CryptoCurrency Price Analysis Today

BTC Market Movement

The movement of the BTC market has been hard for the bulls, as the bears continue to wreak havoc and reduce every opportunity they may have. However, many short positions in exchanges such as Bitfinex are liquidating and decreasing as long positions begin to grow. At the close of this edition, BTC has a market capitalization of just over 100,000 million dollars and a daily trading volume of around 3,700 million dollars.

The main platforms that nowadays exchange more BTC are Binance, Bitfinex, Okex, ZB.com, and Bitstamp. The Japanese yen is capturing 59% of the current commercial volume of the BTC, followed by Tether (USDT 17.4%), USD (16.2%), EUR (2.5%) and KRW (1.5%).ZB . Com and Bitstamp. The Japanese yen is capturing 59% of the current commercial volume of the BTC, followed by Tether (USDT 17.4%), USD (16.2%), EUR (2.5%) and KRW (1.5%).

In the 4 hour chart and daily BTC / USD in Coinbase and Bitstamp shows that the bulls are exhausted after going back to the $ 6,200 range and losing it. Like our latest market update, at this time the long-term simple mobile average (SMA) of 200 is well above the simple 100-year moving average in the short term. This indicates that the path to the least resistance will be towards the negative side.

The movement of the BCH market shows that bulls are also struggling to maintain spot prices in the current market. Today, the market capitalization of Bitcoin Cash stands at 11,400 million dollars, with around 390 million dollars in a volume of daily operations.

The second highest market value belonging to Ethereum (ETH) has decreased by 5.3% in the last 24 hours. The ETH markets have also fallen by 13% during the last week with an average price of around $ 412 per token. Ripple (XRP) markets have declined 5.2% today and 13% in the last seven days, as an XRP now trades at 0.43 cents. Finally, EOS continues to occupy the fifth position, but EOS markets have fallen by 5.5% in the last 24 hours. The EOS charts show losses in seven days of around 17% with an EOS at a price of $ 7.38 per currency.

The Verdict: The Cryptocurrency Markets Are at a Crossroads

Today’s verdict is still full of uncertainty and skepticism about whether or not we will see a downturn in the bear market soon. There has been a triple bottom, and so far most of the prices of cryptocurrencies have remained above these key areas for now. People are still in the middle of coordinating new positions like a game of musical chairs looking for the next wave up or even down.

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