[ad_1]
The bitcoin has dropped to $ 3,520 in the face of the real risk of crashing to $ 3k with bears having full control. The entire cryptographic market is spotting in red with a market capitalization of $ 118 and the best encrypted ones that have lost between 5% and 8% except Tron (TRX), which is still in the green.
Bitcoin drops to $ 3.520
Bitcoin saw a minimal activity on the weekend as the cryptography market was traded in red. It's been three days since the market fell. After falling to $ 3,475 over the weekend, Bitcoin is likely to return to the December low of $ 3,100 and touch the $ 3k further.
Just last week, Bitcoin lost about 10 percent and it seems that bears push it even lower. At the time of writing this, Bitcoin recorded a 24-hour loss of more than 2%.
According to data provided by TradingView, Bitcoin is trading close to $ 3,520 on Coinbase, Bittrex, Bitstamp and Gemini. While on Bitfinex, Bitcoin is changing hands at $ 3,610.
Source: TradingView
Analysts are predicting further losses in which $ 3k is a real possibility for Bitcoin to hit the bottom. Some even expect $ 1,750 as the lowest score for this year's leading cryptocurrency. Bitcoin could test $ 3,266 going forward and if the weekly closing remains below $ 3,250, a fall below $ 3,000 can become a reality.
Altcoin crashing hard
The bears have still taken control of the market while the entire cryptographic market sees intense red with Litecoin, Bitcoin Cash, Cardano and IOTA that lose more than 6% of their value in just 24 hours.
The XRP is losing about 3 percent, just like Monero, Dash and NEM. Ethereum, the third largest cryptocurrency, is hit hard a few days before its long-awaited fork by Constantinople. ETH is still approaching $ 100 and past performance is not encouraging at all. Meanwhile, the Ethereum classic lost 5% of its value during the day.
This has the total market capitalization losing around $ 4 billion of its value to $ 118 billion. However, the market capitalization earned $ 2 billion during the day. Whereas, the volume of crypto trade is seeing an increase to $ 16.4 billion.
Source: Coinmarketcap
The only top cryptocurrency that shows green is Tron, which has grown by over 10% at some point and has now increased by around 4%.
At this time, the chances of recovery seem reduced and the only way seems to be low.
Summary
Item name
Bitcoin faces a serious risk of crashing at $ 3K while Ethereum, Bitcoin Cash & Litecoin down 6%
Description
The bitcoin has dropped to $ 3,520 in the face of the real risk of crashing to $ 3k with bears having full control. The entire cryptographic market is spotting in red with a market capitalization of $ 118 and the best encrypted ones that have lost between 5% and 8% except Tron (TRX), which is still in the green.
Author
Anjali Tyagi
Publisher name
Coingape
Publisher logo
