Things were looking bright with cryptocurrency for the year 2019. The trend lines showed that the cryptocurrency markets were making their recovery from their bearish trend. However, the bears have come back and established that the year is not yet done away with them via the daily crash down by 11.5% and the $15 billion and additional losses in the crypto-assets since yesterday.
The dumping of the bullish hopes of Bitcoin was broken down at two different hours. The cryptocurrency has been exhibiting resistance at $4,000, and most of the indicators suggested that it will not be breaking through the line. However, the price of the Bitcoin went down to $3,850, and about eight hours later, it went further down to $3,660. There was also an active support zone at $3,600. Fears are catching up on whether Bitcoin would catch up with its all-time low at $3,200 like in mid-December.
Like several situations in the past, the entire cryptocurrency industry has been tied to the Bitcoin movement. This undesired fall in price has as well affected Ethereum that shows a 13% loss. The loss of Ethereum has become the gain for XRP that has taken the second place in the market with a total market cap at just $100 million. XRP traded 10% below the dollar, and it rubbished the 11.5% fall.
Overall the cryptocurrency market had been bleeding. Tether is climbing up the ladder and is trying to displace Litecoin on the seventh spot. Bitcoin Cash, EOS, Torn and Cardano were all the major losers in the list for having lost over 16% in just one day. TRON continues to be up over the week through positive fundamentals, and TRX has been sustained up.
Verge has been the sole survivor at the present moment; there is a 7.5% increase with XVG. It has made gains while the rest of the cryptocurrencies have crumbled down. Updates have been made to the Wallets and the software; however, there is nothing else that can drive its momentum. However, it is predicted that the Verge might dump the gains too soon. Verge has been considered to be a dead coin by many; however, it seems to be kicking at the moment.
Despite the downfall, the crypto markets are found to be consolidating somewhere around $120 and $140 billion. If there should be a third dump, then there might be new lows, and things might trend too south. Considering the current position of coins, they are at their all-time lows in 2019.