Crypto crash, $130 Billion off-market as BTC & ETH loses ground

Cryptocurrencies are continuously losing ground as most touches multi-month lows. As we write this, the market capitalization of crypto is just half of what it was two months ago, around the $1.5tn mark. That’s quiet a chunk if one may say so. In the past 24 hours, about $130 billion wiped off its value, as major digital coins continued their multi-day sell-off. Earlier we reported that Bitcoin is constantly losing market capitalization dominance.

Bitcoin was last down around 3.44% at $34,064.07, according to Coinmarketcap, while Ether went down by 7.88% to $2,241.08. Earlier this morning, both fell to their lowest points since July. They are also about 50% off their respective all-time highs. While it may be a good opportunity to buy Bitcoin and Ether for low.

Others are worried if it would further crash. But we do know for sure that every year crypto goes through several corrections. But it always rebounds and the market will continue to rise for perpetuity. What is interesting is that cryptocurrencies have continued to move in tandem with stocks which fell since the start of the year.

Trading Gurus believe, given current market sentiment, bitcoin is likely to test the $30,000-$32,000 range. If the cryptocurrency holds above $30,000 for as much as one week, there could be a support base formed at those levels before the market rises again. However, it could be some time for the market to turn bullish given the lack of confidence across the market.

But knowing crypto history, the recovery can be very quick sometimes. Whatever the case may be, investors are advised to act with due diligence.

Credits: CNBC

Original link: Your go to Crypto place