Bitcoin is Down One More Time Dragging All Other Cryptocurrencies With It
The leading digital currency has fallen so many times during these past weeks, that it is hard to count the exact number. The worst is the bottom line is impossible to predict under such conditions. Yesterday Bitcoin lost 12% of its value but partially recovered at the moment of writing.
A Range of Recessions
Since the beginning of December, the price of Bitcoin has already managed to crash a couple of times. Yesterday the crypto market evidenced another wave of recession, with Bitcoin sinking below $3,300. As a rule, altcoins follow the Bitcoin major trends and replicate them. Thus, Ripple decreased by 12% and Ethereum by 17%.
However, all of the virtual coins had rapid corrections but they were not significant. At the moment of writing, Bitcoin is trading at $3,433, losing nearly 8% over the last 24 hours. Ripple is down by almost 8% as well and Ethereum by roughly 5.5%.
The total market capitalization of the cryptocurrency reduced drastically, making it $108 billion. The annual minimum for this indicator has not been so low since August 2017.
According to CCN, if the top cryptos by market cap are not able to exceed main resistance levels in December, Bitcoin is apparently to be traded in the gap from $3,000 to $4,000.
Read the details in the article of Coinidol dot com, the world blockchain news outlet:
https://coinidol.com/bitcoin-is-down-one-more-time/