Bears Are Back with Total Market Cap of $18 Billion

By Kapil Gauhar

The inevitable market correction has begun with altcoins leading the drop. From a new 2019 high of $186 bln yesterday, the overall market capitalisation has just plunged by $18 bln as recent gains get disappeared this time again.

Crypto Sea is Read Again

Bitcoin failed to break its resistance at $5,400 and has fallen back to around $5,000 which resulted in a 24 hours loss of 5% as Bitcoin drops to its lowest level in a week. A lot of people had predicted this pullback which has finally begun as losses accelerate.

Holding $5000 will be imperative for BTC in case it is to maintain all previous progress and make moves ahead. At the time of writing, Bitcoin is trading at $4,990 on Coin360.com.

Altcoins are leading the losses currently with several of them dumping hard. Litecoin has dropped by 9% today sliding back to $78. Its level is pegging on market cap with EOS in 4th as it lowers by 6% back to $5.23. Bitcoin Cash (BCH) has also dumped by 6% as it falls back below at $265. Bitcoin SV (BSV) has been trounced dropping by 10% back to $70, and Maker (MKR) is also in pain with a loss of 9% on the day as MKR falls to $634.

The cryptocurrency market has hit its lowest level for a week today. Interestingly, it is still up by 18% as compared to the beginning of April. Thus, all is not lost yet. There are many altcoins still way up from their lows in mid-December last year.

Golden Cross is There

According to the reports, analysts are of mixed opinions. They are confused whether it is the beginning of the final capitulation or this is just another minor correction.

As Jonny Moe stated –

“BTC about to have its first bullish 20-200 SMA cross since Oct 2015. Note that it took 2 of these crosses before the uptrend began. I’m not usually one to try and call out absolutes like ‘THE BOTTOM IS IN!!!’, but it’s certainly shaping up like that could be a real possibly”