Bitcoin is down to $3,520 facing the real risk of crashing to $3k with bears being in full control. The entire crypto market is seeing red with market cap hitting $118 and the top cryptos losing between 5 to 8 percent except for Tron (TRX) which is still in the green.
Bitcoin Drops to $3,520
Bitcoin saw minimal activity on the weekend as the crypto market traded in the red. It’s been three days that the market has been falling. After dropping to $3,475 level on the weekend, Bitcoin is facing the risk of going back to the December low of $3,100 and further touching the $3k mark.
Just last week, Bitcoin dropped about 10 percent and looks like bears are pushing it even lower. At the time of writing, Bitcoin has been registering the 24-hours loss of more than 2 percent.
According to the data provided by TradingView, Bitcoin is trading near $3,520 on Coinbase, Bittrex, Bitstamp, and Gemini. While on Bitfinex, Bitcoin is changing hands at $3,610.
Analysts are predicting further losses where $3k is a real possibility for Bitcoin to hit bottom. Some are even expecting $1,750 as the lowest mark for the leading cryptocurrency this year. Bitcoin could test $3,266 moving forward and if weekly close stays below $3,250, a drop below $3,000 can become a reality.
Altcoins Crashing Hard
Bears have yet again taken the control of the market as the entire crypto market sees deep red with Litecoin, Bitcoin Cash, Cardano, and IOTA losing more than 6 percent of their value in just about 24-hours.
XRP is losing by about 3 percent just like Monero, Dash, and NEM. Ethereum, the 3rd largest cryptocurrency is getting hit hard just days before its much-awaited hard fork Constantinople. ETH is inching towards $100 yet again and past performance is not at all encouraging. Meanwhile, Ethereum classic has lost 5 percent of its value on the day.
This has the total market capitalization losing about 4 billion of its value at $118 billion. However, the market cap has gained $2 billion during the day. Whereas, the trading volume of crypto is seeing a rise to $16.4 billion.
The only top cryptocurrency showing greens is Tron which surged over 10 percent at one point and now is up by about 4 percent.
Right now, the chances of recovery are looking slim and the only way seems to be down.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.