Major cryptocurrency, Bitcoin and the rest of the crypto markets slipped back to the red zone after failing to consolidate gains gathered within the past three days. In the last four hours leading up the press time, the total market cap has lost over $8 billion with most of the top coins affected.
The bearish sentiment which set in at the start of the new trading day caused Bitcoin to slip back below $4000 for the first time in nearly four days. At the time of writing this report, Bitcoin is seeing over 4% losses on the day with its price against USD hovering slightly above 3850.
XRP experienced a swing of both positive and negative movements within the last 24 hours. The altcoin saw double-digit gains on between January 8 & 9 to visit the $0.38 region but have dropped off slightly today with a press time value of $0.35.
Reports about the latest developments surrounding the payment-based project were understandably responsible for the increase in the altcoin’s value in the previous days.
Recent market performance suggests that Ethereum has successfully overcome the early December sell-off that pushed prices below $100. However, the altcoin now faces a struggle to avoid wiping out gains consolidated between the start of the year and now.
On the daily trading charts, Ether is already seeing over 8% losses with prices now slightly below $140. Ether’s market cap though still looks largely healthy with a chance to replace XRP as the second largest cryptocurrency looking likely at this point.
Bitcoin Cash (BCH)
Among the top five cryptocurrencies by market cap, BCH is the most hard hit by today’s bear market with losses now over 11% for the Bitcoin hard fork coin.
BCH price at press time was $144 which is unimpressive when compared to the $160 value that was posted at the start of the day.
Rounding up the top five, EOS is the least affected with just a 3% loss of value experienced by the altcoin. However, just $3 billion separates EOS’s market cap with that of close rivals Stellar (XLM) and Litecoin (LTC).
A swap in these top position can be expected at any point in the day as top cryptocurrencies continue searching for a support level.
It is also worth mentioning that TRON (TRX) has continued its recent record of reaching milestones. TRX is the only altcoin seeing gains up to double-digits within the top twenty largest cryptocurrencies by market cap.
Total market cap of all cryptocurrencies $130 billion
Bitcoin market cap $67 billion
BTC dominance – 51.8%