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