Bitcoin (BTC) Falls Against The USD Following A Surge In The Cryptocurrency Market

Over the past few months, the entire cryptocurrency market has been on a rollercoaster ride. The price of cryptocurrencies starting with Bitcoin fell significantly from its all-time-high in January 2018. The prices haven’t recovered yet and recovery attempts all seem futile for now. The market may has to get used to the new prices.

Cryptocurrency Price Analysis Today

Yesterday, there was a slight surge that brought the price of Bitcoin down against the USD. The support at $3550 held the price preventing further decline. At press time, the largest cryptocurrency per market capitalization was down by 1%. The price may remain range bound for sometime before there will be any major change.

Bitcoin (BTC) Price Today – BTC / USD
NamePrice24H %

Over the weekend, BTC moved as high as $3725 against the USD. This was followed by a drop to $3550. At the time of writing, the cryptocurrency was trading at $3,662.19. This shows that it is down by 0.56% against the USD with a trading volume of $5,442,528,954 and a market capitalization of $64,032,025,418. Long-term, it is stuck between the $3000 and $5000 range and it is firmly supported at $3550.

Recently, Mati Greenspan, eToro’s senior market analyst speculated that Bitcoin will remain within the $3550 and $4200 range for a long time. This prediction was valid when the price of BTC surged significantly after it reached $3550 yesterday. The prediction was as follows:

“It appears Bitcoin has entered a mini range between $3550 and $4200. You should expect sudden movements within this range. However, there must be a breakout from the key resistance level if the price is to surge higher.”

This morning, Greenspan talked about the short-term future of the cryptocurrency industry. He was asked if he believed a bull run was on the horizon. In reply, he said that it’s going to take a while for the market to recover and experience another bull run. This is irrespective of the positive development in the industry. In his words:

“What we are experiencing in the market right now is a pullback from the 2017 bull run. It’s not just the cryptocurrency industry that is suffering. Economic conditions have worsened since then and central banks have tightened their belts. No environment is conducive for investment at the moment. Even if the cryptocurrency industry is developing fast, we should not expect a bull run anytime soon.”

Altcoins Suffer The Effect Of The Bear Market

During the extended bear market, low market capitalization coins have suffered the most. Yesterday, as the price of BTC fell, these altcoins fell as well. Even high market capitalization coins like Ethereum and XRP felt the heat. ETH fell from $127.9 to $116. Right now, it is trading at $127.02. This shows that it is down by 0.69% against the USD and down by 0.72% against Bitcoin. The trading volume over a 24 hour period is $2,836,201,397 and the market capitalization is $13,261,577,828.

XRP reached a low of $0.317 during the surge yesterday. Later it recovered to $0.33. At the time of writing, XRP was trading at $0.334739. This shows that it is up by 1.13% against the USD and up by 1.07% against Bitcoin. The 24 hour trading volume is $448,201,683 and the market capitalization is $13,737,811,152.

Do you think the bears will continue to dominate the cryptocurrency market throughout the year 2019?

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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