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%.
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.