Crypto market valuation has dropped from $15 billion to $13 billion. This due to fall in Bitcoin price below the $3600 mark. Traders in the crypto market expect a low key year with low volatility. This phase will last till cryptocurrencies escape the last stage of a 12-month-long bear market.
Is Bitcoin heading towards $3,000 ?
A cryptocurrency trader Josh Rager wrote:
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. Currently, following an intense sell-off on January 11, the crypto market is demonstrating stability in the range of $122 to $124 billion.
The fall is attributed to lack of momentum of cryptocurrencies and inability of Bitcoin and Ethereum to breakout of major resistance levels. A cryptocurrency technical analyst DonAlt suggested that 2019 may turn out to be a boring and a low volatile year.
“I’ve been relatively inactive this year – for one reason – there just hasn’t been too much to trade. I wouldn’t be surprised if ’19 plays out like this, boring, choppy and frustrating to trade. The worst thing you can do is force trades when your system doesn’t give you any,”
the analyst said.
Other Crypto Assets in Limbo
If Bitcoin price continues to fall below $3,500 cryptocurrencies with low market caps and daily volumes will experience intense downward price movements against both Bitcoin and the U.S. dollar.
Digital assets that have shown strong upward price movements in the past several weeks due to product launches and protocol upgrades including TRON and Ethereum have already begun to drop in value, affected by the negative sentiment surrounding the short-term trend of the cryptocurrency market.
Also Read: Gate.io Report : Ethereum Classic Attacker returns $100K ETC Value