BitcoinBusiness & Finance

Bitcoin Back Where 2018 Ended As Majority Market Displays Red

Much of the promise shown by the crypto market looks to have ended prematurely as the market went into its fourth day of red following a swift flow on January 8 when BTC moved past the $4,000 mark. As it does, Bitcoin carried the other top 20 cryptocurrencies into greens with it and has now brought the market as a whole down to earth.

BTC hovers above $3,650 mark which is exactly where it ended the year 2018. This is the lowest mark achieved in a week where highs had been recorded at $4,108 on Tuesday. Cryptocurrency expert Simon Johnson explained that the current phase is not a pretty sight as there is not much clarity over what is going to happen to the space in the near future. He told BlockPublisher:

With big decisions coming up in the next few months, there is great unclarity in this phase which is represented [by the market]

The downward market is well represented by market numbers as the combined market capitalization of all cryptocurrencies also sees a week low as it equalizes around $122.3 billion mark whereas the week high from January 10 was a much greater $138.6 billion.

On an individual note, like BTC, the rest of the market displays major reds all over CoinMarketCap. Ripple has moved down 1% to move to its own new week low of $0.3 at press time, while Ethereum has also moved 1.06% and stays at the high end of $125. The only currencies displaying greens are Bitcoin Cash (BCH) that has moved 2% better and the infamous BSV that shows positive movement of over 12%.

Source: Coin360.io

The crypto market certainly seems like it needs a breath of fresh air. With limited ups and more consistent downward movement, the current and short-term price scenario does not look to be improving. Whether we are in a bear run for long is yet to be seen, but the expected decision over a Bitcoin ETF by the Securities and Exchange Commission expected in February could just be the dose needed to spark things up.

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Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Contact the editor at editor.news@blockpublisher.com

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