Bitcoin and all major cryptocurrencies have started to crash yet again after a small relief from yesterday’s 10% rise across the board which has now proven to be a dead cat bounce. The market cap has dropped by $15 Billion to $123 Billion, with BTC trading at $3837 against the US dollar as reported by CoinGecko at press time.
The downside break was led by Bitcoin and followed by all other cryptocurrencies like ETH, LTC, and ADA. Ethereum was trading at around $122 and has crashed to $109 level.
The Bitcoin dominance is also down to 54% from 55.6% earlier today. Investors and traders are trying to stay safe from the market crash which is in continuation from last week’s continuing decline across the board.
Many of the mainstream media are apparently suggesting to “buy the dip” or taking advantage of “low bitcoin prices” but it is worthy to mention that “buying the dip” works well in a bull environment. In the current market conditions where a bear trend is apparent, it might not be a good idea to buy the dip and take long positions.
This article is not a financial advise in any manner and is only the viewpoints of the author. You should do your own due diligence before taking any position in such risky market conditions.