At the time of writing, Bitcoin is down around 4% in the 24-hour chart (on Bitmex), currently trading around $3832. Earlier this week bitcoin showed a bullish momentum moving to $4200 before correcting back. Although the price of bitcoin is still higher than the weekly low of around $3200, the price is expected to fall and test the support around this level again.
Ethereum is down by around 1% on the daily chart currently trading around $110 at the time of writing (on Bitmex). At the start of the week, Ethereum was trading around $83 which is quite lower than the current price although the momentum still looks bearish.
Ripple is trading around $0.351 at the time of writing (on Bittrex) and is down by almost 4% on the daily chart. Same as bitcoin and ethereum, the current price of Ripple is quite higher than the weekly low of around $0.28.
Most of the top cryptocurrencies by market capitalization are reporting losses over the last 24 hours. The total market capitalization of cryptocurrencies has dropped from around $130 billion to around $127 billion in the last 24 hours. Earlier this week, the market cap was on a surge to drop below $100 billion but a massive recovery led the market cap to reach around $137 billion.
Bitcoin miners are facing huge losses amidst the bear market which has led to many of the mining companies backing out of the mining business and moving to other industries.
Market analysts are predicting that the bear market may continue for months and that bitcoin has still not achieved its lowest price after which it may start a bullish run. The lowest price before a bull run starts is being predicted somewhere between $1500 and $2500.
The following article is not financial advice. Readers are advised to do thorough research and analysis before making any investment decisions in the cryptocurrency market which is highly volatile.
