Red Everywhere: Crypto Market loses $6 billion in Hours; Bitcoin drops below $3,500 – Crypto Market Price Analysis [Jan 28, 2019]

crypto market price visualization jan 28 2019 smartereum coin360

It has been a horrendous 24 hours for cryptocurrency proponents watching the market for signs of an upturn. The new week comes with a bad news as the prices of several top cryptocurrencies nosedived in the space of hours. For some cryptocurrencies the percentage loss in the last 24 hours went up to double digits while some others manages to stay respectably around 5 percent or less.

Let’s start with Bitcoin, the king of them all.

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Bitcoin (BTC) Price Analysis Today

The price of bitcoin broke the $3,500 support for the first time this year leaving opinions open as to the next price movement of the coin. Since dropping below an short-lived $4,000+ price mark earlier this month, BTC have maintained its trading just above the $3,500 mark as some optimists predicted it will take off towards the $4,000 mark and beyond.

At the time of writing, BTC is trading at $3,478 to the USD which us about 3.1 percent down according to data from CoinMarketCap although it reportedly went as low as $3,550 on some exchanges earlier on. The BTC market cap also dropped to $60.8 billion from $62.7 billion as at the same time yesterday.

Bitcoin Dominance is at 53.3 percent of the entire crypto market at the time of writing.

Having dropped below $3,500 some analysts are predicting further decline towards $3,000 mark and perhaps a new 12-month low, before any form of recovery. The movement of BTC is also expected to detect the trend of altcoins.

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Ethereum (ETH) Price Analysis Today

Ethereum’s native token Ether (ETH) has not fared any better compared to bitcoin and other top cryptocurrencies. At the time of writing, ETH is trading for just above $106 to the USD which represents a whopping 8 percent loss from price 24 hours ago. This latest decline started from $116 on Saturday tried to steady around $112 and $114 before it succumbed to its lowest point since the New Year.

Analysts predict it could still go lower though there is little suggestion it will return to double digits before it picks up again. Technical analysis from NewsBTC puts the next major support at $104; this was, however, before it dropped below $110.


EOS (EOS), Tron (TRX), and Litecoin (LTC) Price Analysis

There’s been a number of good vibes coming from the Tron project of late but even that could not save TRX from going red like the rest of the crypto market. Unlike Ether which lost as much as 8 percent in a short period, EOS (EOS), Tron (TRX), and Litecoin (LTC) posted respectable losses that is, 3.6 percent, 5.8 percent and 5 percent respectively. At the time of writing, EOS is ranked 4th with a market cap of $2.1 billion while Tron (TRX) is ranked 8th with market cap of $1.88 billion slightly above Litecoin which has a market cap of $1.87 billion.


Stellar (XLM), Bitcoin Cash (BCH) and Bitcoin SV (BSV) Price Analysis

Stellar and Bitcoin Cash are the worst affected coins among the top 10 cryptocurrencies. While Stellar’s XLM is down by about 11 percent from yesterday, BCH has lost about 9 percent of its value in the same period to trade at $112. Bitcoin SV on the other hand completes the top 10 coins with a market cap of $1.17 billion just above Cardano (ADA). It lost more that 8 percent in 24 hours, trading just above $66.

Bitcoin Cash

Biggest Gainers – Losers

The biggest gainer in the last 24 hours are Globatalent (GBT), Beam (BEAM), and CoinFi (COFI) posting percentage gains of 185.65%, 41.96%, and 33.48% respectively despite the carnage in crypto markets today. Globatalent is a global marketplace for sports business and a platform to tokenize talents and sports institutions.

The biggest losers are in the last 24 hours are Ti-Value (TV), SoPay (SOP), and Grin (GRIN) which lost 37.41%, 34.48%, and 32.28% respectively according to data from CoinMarketCap. Ti-value is a little known Hong-Kong based project that seeks to combine the advantages of Ethereum and storj in applications for finance, education, healthcare sectors.

Cryptocurrency data used in this report were obtained from CoinMartketCap, Coin360 and TradingView.
Image credit: Coin360

Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.


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