This week wasn’t the best for the cryptocurrency industry as a massive loss of 20% was recorded globally.
The total market value of all cryptocurrencies in the digital assets economy dropped significantly within the last few days. After most cryptocurrencies reached an all-time high last year, many have lost 60-70% of their gains.
It’s true that most coins are following the Bitcoin to USD price struggle. However, some other altcoins have experienced a more significant cut in value.
The bear market in the digital currency world is in full swing this week and investors are praying for the storm to end soon. Some others who believe that the bulls will soon take over are using this period as an opportunity to purchase altcoins at a low rate.
At the time this piece was written, the Bitcoin to USD market had started kicking back after reaching a significant low of $6,590. The bulls have started struggling to overtake the bears and have managed to go higher than $7k once more.
However, the Bitcoin market volume over the past few days hasn’t changed. It still lies at $5.9bn in a 24-hour trade volume. Top cryptocurrency exchanges that recorded the highest processing volume this week include Bitfinex, Okek, Binance, Bitflyer, and, Huobi. Within the past seven days, the Bitcoin to USD market has lost about 19% of its value.
The Japanese Yen is still dominating the pack of Bitcoin trading fiat currencies. It holds about 54% of the fiat pack. The USD dominating 12.5% is following the Yen, the Euro dominating 4%, and the South Korean Won dominating 2.8%.
When Will The Long Night End For Cryptocurrencies?
So far, the first quarter of the year has been one of the most tumultuous trading seasoning recorded. Traders are full of uncertainty and are praying for the crypto winter to end. The 2018 market is full of bear takeovers and downward prices. However, some analysts are still optimistic about the industry claiming that things will get worse before they get better.