Bitcoin Market Takes a Skinny Dip in Frigid Crypto Winter as $14 Billion Cleared Out While BTC Falls 6% in 24 Hours
The cryptocurrency market seems not to have a good Sunday. After growing almost $10 billion during the weekend, the digital asset market lost more than 4.45% in less than half an hour, according to data provided by CoinMarketCap.
It was very important for Bitcoin to break from the $4,200 mark, which was not able to surpass during the last bull movement experienced in the last days. Bitcoin fell under $4,000 once again losing more than 9% of its price in just a few minutes in Coinbase Pro.
According to the cryptocurrency expert and trader DonAlt, wrote that bearish altcoins could finish their retracements and make them attractive again for the public to purchase them. He gave the example of Cardano (ADA), Bitcoin Cash (BCH) and Litecoin (LTC). These are the 11th, 6th and 5th largest digital currencies in the market. He then said that staying “hands off” due to their weakness paid off.
All the bearish altcoins setups we've been discussing on Stream for the last week are finally starting to play out.
One more leg down should finish their retracements and make them attractive again.
Staying hands off due to their weakness paid off.
Patience is key. pic.twitter.com/KPgIECFnSP
— DonAlt (@CryptoDonAlt) February 24, 2019
According to the economist and cryptocurrency analyst Alex Krüger, although charts showed that Bitcoin bottomed close to $3,122, the interest in the space remains minimal due to the low volume. Moreover, he mentioned that Bitcoin could drop under $3,000 in the future.
Litecoin has been one of the best performing digital assets during the last few days, reaching the fourth position right after Bitcoin (BTC), Ethereum (ETH) and XRP. Inded, Litecoin was able to grow more than 100% since the lowest price reached in December 2018. Now, Litecoin is the fifth largest digital asset after being surpassed by EOS.
Ethereum (ETH) has also been growing at very fast rates in the last days. The main reason behind this growth is related to the upcoming hard fork that will be reducing Ethereum’s new issuance. The Constantinople hard fork is a very bullish fundamental for Ethereum to keep growing in the future.
Although Bitcoin fell under $4000 once again, it was very positive for the digital asset to be above this level for a few hours.
According to CoinMarketCap, Litecoin experienced the hardest drop, losing 11.86% in the last 24 hours. Each LTC can be purchased for $43. Litecoin was followed by Bitcoin Cash (BCH) that fell 9.42% and now it’s being traded close to $131. EOS experienced the third biggest drop among the top 10, falling 9%. EOS can be bought for $3.56. Bitcoin is the best performing digital asset in the top 10, falling just 5%.
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