The bear markets are particularly massive and still very much around, at least, for a few days.
BTC, as well as major alts, were seen fallen drastically in price, making lower highs and escaping below major support levels to establish lower prices within the last 12 hours.
As it stands right now, the first 5 largest cryptocurrencies in terms of market capitalization have all dropped prices by at least 10% within the last 24 hours with BCH leading the pack at -18.19%.
This market situation only spark the mind-blowing question of whether the recent bullish trend that was seen in bitcoin and a couple of other altcoins was a “mere” bubble as few analysis predicted and whether the short-lived bull markets are officially over?
BTC Shed More Than $800 In The Last 12 Hours
As against all indications, BTC broke the two major support levels at $12,100 and $11,600 marks respectively to establish a lower price below $11,500. Now trading at $11,497.83, BTC is currently looking to test the support level at the $11,000 mark area.
Although BTC retained its market dominance at 65.33%, it has a market cap of $204.82 billion.
Ethereum Price Going Down
Ethereum was one of the alts which felt the pressure of the BTC crash. Although ETH previously rose alongside BTC, its corresponding pullback upon Bitcoin’s bear signal was correlating. At the time of writing, Eth had lost -12.21% in price and was traded at $271.42.
XRP Still In The Valley
Ripple was the first to predict the inbound bearish signal about 2 weeks ago. While BTC and ETH cruised towards stardom, with XRP initially following the train, it suddenly took a bend in the opposite direction started its movement down the rail. From a significant $0.42 about 12 days ago to its present $0.33 price, ripple had fallen by 15.42% within the last 24 hours.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com