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There is no denying that the crypto bear market is upon us for quite some time now. In the whole of 2018, we saw Bitcoin and other cryptocurrencies test several support levels and failing to maintain this level for a long time. The first month of 2019 has not been any different.
Bitcoin markets had seen immense support at the $3,500 mark on the chart. However, after repeatedly testing this support level, Bitcoin finally gave way with the Bitcoin price going from $3,680 a week ago to $3,400 on Monday. There were several attempts that tested the resistance level; however, the prices have been hovering just over $3,400 with signs of further sell off the upcoming week.
Ethereum had a very good start to the year with the cryptocurrency regaining the number 2 position in terms of market cap. However, like all cryptocurrencies, Ethereum too has followed the same trend and has fallen to a low of $104 during the past week. Ethereum lost more than 10% of its value in just seven days. Currently trading just above $105, Ethereum is likely to tank below the $100 mark this upcoming week.
Ripple has seen a lot of deviations in January. After being defeated by Ethereum during the first week of 2019, Ripple went on to regain its spot as the number 2 cryptocurrency. However, the past week has not been easy for the Ripple cryptocurrency either. We have seen the price of Ripple also following the same trend set by Bitcoin. Yet, the selloff has not been as harsh as it was with Ethereum. Ripple has lost 8% of its value since the past week. Currently trading over $0.29, Ripple is more likely to stabilize for a short duration of time.
Bitcoin Cash, Stellar and NEM have been the biggest losers over the past week. With all three cryptocurrencies losing more than 15% of their value, they have also gone down in their ranking. This trend is most likely to continue in the upcoming week as well.
There were only a few cryptocurrencies that were able to gain value during this recent selloff. One such cryptocurrency is EOS. What was once the most successful ICO has managed to outperform Tether for the spot as the top 5 cryptocurrencies in the market right now. In the last 24 hours, EOS has gained about 2% value. Thus, showing signs of a recovering market.
Tron is another cryptocurrency that has been very impressive in the last seven days. In fact, Tron is the only cryptocurrency to have actually have gained value over the other cryptocurrencies during the past week. With over 5% gain in its price over the past week, Tron has not followed the trends of other cryptocurrencies. This cryptocurrency has been showing signs of an increase in gains. By gaining over 3% in the past 24 hours, Tron is by far the only cryptocurrency which will lead to a profit in the bear market right now.
State of the crypto market:
The overall cryptocurrency market cap has suffered a marginal loss of 1% over the last week. The entire market cap went from $121 Billion to $113 Billion in just seven days. With the occasional FOMO pumps aside, most of the top cryptocurrencies have returned to the mid-December lows. With some showing signs of going further below.