Cryptographic market risks decrease by $ 100 billion after leaving $ 15 billion in 1 week

Over the past seven days, cryptography market valuation has fallen from $ 117 billion to $ 102 billion, just over $ 15 billion.

The major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have worked badly against the US dollar, with losses of over 10 percent.

Among the three most precious cryptographic resources in space, the price of Ethereum suffered the worst decline, as ETH declined by more than 13% from $ 98 to $ 84.

Bitcoin at risk of falling to $ 2,700?

The price of Bitcoin has proved relatively good compared to other major cryptographic assets and small market capitalization tokens over the last seven days.

But the lack of volume in most Bitcoin markets has put the dominant cryptocurrency at risk of plunging under key support levels under the $ 3,000 mark.

DonAlt, a cryptocurrency trader and technical analyst, he wrote:

"As BTC is approaching the 2014 fractal target, most people's targets change from 3k to 1k and even lower – I still think $ 2,700 is an excellent place to buy if we go there." # 39; History does not repeat itself but often rhymes ".

The analyst added that while a decrease below $ 3,000 is always a possibility, the liquidation of assets can be highly risky in a period of uncertainty and extreme volatility.

"If you exclude the wick that has closed the last bear market, we are already there, and it could be reasonable to exclude it because even if this fall is very similar, the market is more liquid and sophisticated than it was then. shorts, in my opinion, "he added.

Important markets such as South Korea and Japan also started to show a significant decline in volume and overall demand for the asset class.

According to CryptoCompare, a cryptographic data provider on the market, Japan and South Korea, which are consistently above the United States for the entire bull market in 2017, account for only about 5% of Bitcoin's global volume.

In contrast, the United States now accounts for 17.6% of the international Bitcoin volume, excluding the volume of Tether (USDT).

Bad state

For the first time since August 2017, the crypto market is set to fall below the $ 100 billion mark, largely fueled by the overwhelming performance of low-volume cryptocurrencies.

A handful of tokens such as ICON (ICX), VeChain (VET) and Zcash (ZEC) have seen a fall from 95% to 99% from historical highs. At its peak, ICX was worth $ 44 billion. As of December, the market capitalization of ICX remains below $ 100 million.

If cryptocurrencies remain in a bear market for the first few months of 2019, low-liquid tokens and tokens will continue to lose value against the US dollar and Bitcoin.

At present there is a significant risk in the short circuit and in the desire for Bitcoin and other major cryptocurrencies in the market, and many investors are observing the short-term trend of the encrypted market by supporting the negotiations.

Click Here for a real-time or bitcoin price table Here to review our latest cryptic market coverage.

Shutterstock foreground image. TradingView Charts.

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