It seems like the green days are gone for the cryptocurrency market. Since the end of last week, many events happened that dragged crypto prices downwards: Elon Musk “disowning Bitcoin“, Bill Gates’s negative statement regarding cryptocurrencies…All of which helped to create a snowball effect on the selling side. What’s going on with Bitcoin’s price, and what does a Bitcoin crash mean for the whole cryptocurrency?
Bitcoin Price Prediction – Prepare for the worse
Bitcoin’s market dominance is clearly visible, as so far, in the past 24 hours, Bitcoin lost around 6% in prices, while the whole cryptocurrency market also lost around 6%. Now of course we have coins that lost much more, but they kinda averaged out with other winning coins to reach a 5% total loss.
Currently, Bitcoin just managed to retrace on a very important support area, which is the USD 45,000 price mark. That’s basically the third time that Bitcoin retraces around that price, and in figure 1 it’s clearly visible with the yellow circles. Breaching that price area downwards might signal a short-term bear market. On the other hand, we can clearly see a correlation between Bitcoin’s chart and the Crypto Market as a whole chart to USD. In figure 2, we can see how the whole market’s price action is still heavily influenced by Bitcoin, with the EXACT same behavior, and with the 1.33 Trillion price mark as its strong support area as well.
The Top 10 Cryptos follow the Bitcoin Crash
In the past 24 hours, all of the Top 10 cryptocurrencies were seen heavily in the red, with the exception of Cardano which is currently up by 7%:
1- Bitcoin (BTC) : – 6.67 %
2- Ether (ETH) : – 8.36 %
3- Binance Coin (BNB): – 8.12 %
4- Tether (USDT) : 0 %
5- Cardano (ADA) : + 6.69 % (surpassing Polkadot)
6- Polkadot (DOT) : – 9.41 %
7- Ripple (XRP) : – 7.04 %
8- Litecoin (LTC): – 10.98 %
9- Chainlink (LINK) : – 8.60 %
10- Bitcoin Cash (BCH) : – 10.08 %
Stay Ahead, Stay Updated
Rudy Fares
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Please also note our Non-liability disclaimer.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Bitcoin
Why Elon Musk was WRONG about Bitcoin
Elon changed his stance suddenly and decided that he no longer supports Bitcoin. Why is Elon WRONG about Bitcoin? The …
Media is STILL reporting about the Crypto Crash, while Cryptos UP 10%?
Let's talk about the overall crypto market and see how cryptos up 20% in the past 24 hours. Despite adjusting …
What Happened to Cryptos? BTC/ETH/BNB/XRP Analysis
In this article, we're going to give a quick overview of what happened to cryptos, specifically Bitcoin, Ether, Binance Coin, …
