The digital currency market is yet to recover from the turmoil of last year. Over the past twelve months, the crypto market has been on a continuous downward trend. Digital currencies have been on a free fall, a free fall that has seen most of the digital currencies in the market lost more than 80 percent of their values.
Bitcoin (BTC), which is the largest digital currency in the world by market cap – is at the forefront of the plunges in the market. The world’s most dominant digital currency – which reached its all-time high during the bull run in December 2017 – has lost more than 80 percent of its value over the past year.
While many expected the 2017 bull trend to continue in 2018, the reverse was the case. The crypto market plunged beyond the expectation of many. However, the downward trends in the market were attributed to a couple of factors, especially the massive declines towards the end of 2018.
The digital currency ended 2018 at a very low level, but many are expecting that this year will offer something better for the Bitcoin (BTC) and entire crypto market.
Bitcoin (BTC) Continues Its Painful Crash in 2019
The painful crash of Bitcoin (BTC) last year seems to have returned. Bitcoin (BTC), which surged over the $4k level earlier this month, is now down to a new monthly low. Since the weekend, Bitcoin (BTC) has declined as much as 5 percent. The world’s most dominant digital currency in the crypto space has dragged the Bloomberg Galaxy Crypto Index to its worst downward trend in over two weeks.
Bitcoin Cash (BCH) and Ethereum (ETH) both declined by more than 10% over the weekend. The way Bitcoin (BTC) and other digital currencies started the year have been pretty disappointing for digital currency investors, especially those that hoped that the pain of the downturn was behind them.
Over the past twelve months, the valuation of the entire digital currency market has declined by more than $400 billion. This decline has been mainly attributed to the failure in the materialization of mainstream adoption. At the time of writing, the market cap of the entire digital currency market is about $113 billion.
The Crypto Industry Economics Is Under Pressure
On the other hand, the economics of the digital currency industry has been under pressure, with miners discovering that the average cost of mining Bitcoin (BTC) was actually more than the value of the digital currency.
More effort is being put in place to identify money laundering using the asset class. The technical outlook does not seem favorable for the bulls. Based on the GTI VERA Convergence Technical Indicator, Bitcoin (BTC) just started a new selling trend yesterday for the first time since November last year. The last time a sell signal was sent, the value of Bitcoin (BTC) plunged by about 50%. Bitcoin (BTC) declined to $3,156 from $6,280 in a period of two weeks.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
At the time of writing, Bitcoin (BTC) is changing hands at $3,457 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $59.34 billion with a trading volume of $4.79 billion over the past twenty-four hours.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
