Bitcoin Price is Down Again, is This a Bear or Bull Market?

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Jul 04, 2019 at 14:27 // News

The price of the original cryptocurrency Bitcoin (BTC) has started a downtrend after hitting $13,800. The coin might even plummet further to break the 21-day exponential moving average (EMA). If BTC continues to decline with this trend, its next landing might be the 50-day EMA, the region where its trading price can get some temporary solace.


Nevertheless, the long-term perspective still stands and a further fall in prices of Bitcoin and other major cryptocurrencies is highly anticipated before this year ends. Even though the price of Bitcoin is not stable – keeps on fluctuating – we cannot call this trading period a bear market or a bull market.


BTC/USD Price Analysis   


Although the value of Bitcoin is declining slowly, its price is currently trading in the green at around $11,881 with an +4.58% 24-hour change and dominance of 63.1%. The bottom level BTC hit in the last 24 hours was $11,115 and a high of $11,996, however, most remain optimistic that Bitcoin won’t go back to the dogs.  


 

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BTC’s market cap (MC) is sitting at $211.4 billion and the daily trading volume of $28.6 billion. On Wednesday last week the Bitcoin price was more than $13,770 with a daily trading volume of over $40.124 bln and capitalization of about $225 bln. This means that in just 7 days, the BTC’s market cap has lost around $25 bln – and this is a very huge loss in the cryptocurrency market. 


What a Loss This Is!   


However, the total market cap of more than 2311 digital currencies being traded in around 19145 markets, is sitting at almost $335 bln, according to coinmarketcap data. Still, on Wednesday last week, the total MC was at $384.4 billion and the daily trading volume of $122.02 bln. What does this mean? It simply means that the entire MC has seen a plunge in value and has made a massive loss of over $73 bln in just a couple of days.   


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Leaving Bitcoin aside, other digital currencies are doing not bad in the market. In fact, among the leading 30 cryptocurrencies by MC in the world, they are only 7 coins that are in red, the rest are busy trading in green. Some of these coins that are in red include XRP (
XRP), Cardano (
ADA), Stellar (
XLM), Chainlink (
LINK), NEM (
XEM), Qtum (
QTUM), and VeChain (
VET).

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