The crypto market just experienced the first crash of year, 2019 with all the leading cryptocurrencies are down by over 10 per cent and the total market cap came down to the $122 billion level.
In the last 24 hours, Bitcoin has fallen by over 9 per cent and is currently trading at the $3,667 level. Looking at the weekly chart, Bitcoin has pulled back after making a contact with the major descending trendline stemming from the record highs. The support in the market run down to $3,500 level, and $3,200.
Currently, Bitcoin is trading just above a major support line, which has been tested earlier also and if it breaks down, then it could roll down to the $3,200 level.
Ethereum has again slipped to the third spot in the market cap rank, breaking by over 13 per cent in the last 24 hours and is currently trading below $130 level. Ripple which is now in the second spot is also trading weak. loosing close to 10 per cent of its value and is trading at $0.33. Here, the margin between Ripple and Ethereum in the market cap is very small and we will continue to witness changes in their position.
Bitcoin Cash and EOS, the fourth and fifth largest cryptocurrencies also heavily hit by today’s bloodshed and both have lost close to 14 per cent in their value, with Bitcoin Cash is trading at $133 level and EOS trading at $2.43 level.
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