This Sunday, all 20 of the top cryptocurrencies have experienced considerable losses over the course of 24 hours. One of the cryptocurrencies that were affected the most was Bitcoin. According to Coin360 data, Bitcoin’s price went below $3700.
Due to this plunge in the cryptocurrency market, $5 billion were wiped out of the crypto market. In addition to Bitcoin, major digital assets like Ethereum experienced a six percent fall against the U.S. dollar. This 4.8 percent fall in combined valuation of all cryptocurrencies in the market has surfaced after a strong sell-off on January 11.
According to the weekly chart of Bitcoin, the cryptocurrency is at the lowest price all week. The chart also shows that the intra-week high was at $4,109, which was registered on January 8. However, on January 12 a cryptocurrency trader using an online alias of “Hsaka” stated that Bitcoin was exhibiting signs of weakness. This observation was made by the trader based on the cryptocurrency’s performance from January 11 to 12.
The first wick below the range low led to a tap of the range high.
The second one (this current one) has failed to reach that high as of now.
Sign of weakness imo.
— Hsaka (@HsakaTrades) January 12, 2019
The low daily trading volume of Bitcoin and Ethereum pose as the major issues in the performance of the crypto market. “As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there,” a cryptocurrency investor, Josh Rager suggested.
Even TRON, a cryptocurrency that has attained large gains against Bitcoin over the past week, is currently going through a fall of over 9 percent. Hence, in the next couple of days, volatility in the performance of cryptocurrency is expected, Based on the current performance drop in the top cryptocurrencies, the asset is showing weakness in many areas.