While TRX edged out Tether and riding the increasing wave, the crown cryptocurrency, Bitcoin is sinking below $4000 again, dragging other leading cryptocurrencies in the red zone. However, any specific reason affecting this low is still out of sight but the analyst predicts ‘more lows before heading towards high’.
Market Again in Red Zone Today
According to the data from Coinmarketcap, Bitcoin is trading at $3,844.54 with a negative mark of 5.20 percent (press time). The red zone is then followed by XRP which has dropped with 4.44 percent, ETH with 10.37 percent, Bitcoin cash declined with 12.32 percent, EOS with 8.01 percent, Stellar with 5.775 percent, and Litecoin with 10.03 percent.
Nevertheless, of all top 10 cryptocurrencies, the upward move is seen by TRON and Tether which were spotted on 8th and 9th position consequently with the growing point of 11.04 percent and 0.18 percent respectively.
In a meantime, the latest report from Bloomberg indicates the prediction of a technical analyst who measures the upcoming move of Bitcoin based on the historical price pattern. As such, it has revealed that ‘bottom is in for Bitcoin’. Founder of the crypto hedge fund Ikigai, Travis Kling told Bloomberg that;
I am certainly willing to change my mind, but the preponderance of evidence leads us to believe that we’ll see more lows before we head higher.”
Certainly, the prediction turned the reality.
However, the early days of 2019 seem exciting for the crypto community, especially for Bitcoin and Ethereum enthusiasts since Bitcoin was slowly moving up and Ethereum took charge over XRP as the second largest cryptocurrency. In addition, the Ethereum fork created a huge hype across market along with Ripple delivering its commitment.
Despite the drop around the largest cryptocurrencies, Justin Sun’s TRX is getting greener day by day. Notably, it has first surpassed long-standing 9th positioned Bitcoin SV and today it overtook Tether and became the 8th largest cryptocurrency with a total market cap of $1,995,850,324.
— CoinGape (@CoinGapeMedia) January 10, 2019
What do you think the next move of Bitcoin, ETH, XRP, and other cryptocurrencies? Share your predictions.
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.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com