Bitcoin Tumbles $350 As Bears Continue To Put Pressure
It appears that last week’s selling pressure can’t seem to stop as Bitcoin lost yet another $350 of its value in another vicious spike downwards. The cryptocurrency is now trading at around $7,800, falling well below the $8,000 level. This marks a decrease of around 4% on the day as Bitcoin’s total market cap now sits at around $141 billion.
Bitcoin Price Goes Down Again
After a weekend of sideways action, Bitcoin begins the new week losing another chunk of its value. The cryptocurrency just lost about $350 of its price in a sudden move south.
Bitcoin is currently trading at around $7,800, losing another 4% in the past 24 hours alone.
As seen on the chart, the move was again instant. Bitcoin’s total market capitalization is now $141 billion and it represents 67.5% of the total market.
While it’s challenging to note the exact reasons for the price fall, it’s clear that bears continue to put pressure. Last week was colored in red despite the launch of Bakkt, which was one of the most anticipated events in 2019. The platform failed to attract serious interest as the volume traded on it is easily negligible so far.
The Market Feels It As Well
Drops in Bitcoin’s price used to provide altcoins with the opportunity to catch up and reclaim some market share. This time that’s not the case and it appears as the entire market is painted in red. It’s worth noting that this is somewhat the trend during the past few months of 2019 as altcoins fail to capitalize on any shortcomings in Bitcoin’s price.
As seen on the chart below, the overwhelming majority of cryptocurrencies are bleeding out when trading against the USD.
That’s not the case when trading against Bitcoin, however. Almost all of the altcoins are marking slight gains against BTC, with Ripple (XRP) leading the way with almost 4%. ETH is also up about 1.5%, as well as Stellar which is up 2.56%.
It seems that the latest price fall has its silver lining after all, mainly for those who are holding altcoins and are hoping for their recovery.
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