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The price of Bitcoin (BTC) was in a narrow trading range close to $ 3,600 after the January 10th accident, but this morning, Bitcoin (BTC) quickly fell to $ 3,500. Bitcoin (BTC) remains well below the critical level of $ 3,900, in which futures traders on Bitcoin CMCs have likely pulled out short positions.
$ 3,900 continues to be the eye level. If Bitcoin (BTC) exceeds it significantly, it is likely that we will see a massive short squeeze, forcing short sellers to not return to their positions and potentially fueling a sustained rally. Otherwise, short sellers will remain under control and we can expect a persistent downward pressure on Bitcoin (BTC) until the future CMEs of 25 January expire.
Other important cryptocurrencies like Ethereum (ETH), EOS, Bitcoin Cash (BCH), Ethereum Classic (ETC) and Tron (TRX) are worse than Bitcoin. The total capitalization of the cryptocurrency it has recovered slightly to $ 124 billion on January 11, but has now fallen to $ 117 billion. This is still well above the $ 100 billion level we saw in mid-December during the worst bear market. That said, it is not excluded that this level will be tested again in 2019 and a constant long-term rally will be needed to declare that the crypto-bear market has ended.
The strong downward trend in the cryptographic market on 10 January seems to have burst the TRON bubble (TRX). From December 16th to January 10th, TRON (TRX) rose from 0.0126 cents to 0.034 cents (170 percent). Since then it has decreased by 38 percent to 0.021 cents. TRON (TRX) is down 10 percent today only, which is the worst day performance of any major cryptocurrency. The TRON (TRX) rally does not seem to have a solid foundation behind it, and seems to be turning into a classic pump and dump.
Ethereum (ETH) shows pre-fork jitters. Starting from this writing of January 13th, the hard gallows of Constantinople it's only 20,000 blocks away, with distribution of the fork programmed to block 7.08 million. It's only been three or four days, again less than 16% of all Ethereum nodes (ETH) they moved to Constantinople. Since this is a difficult fork, even at best, there will be two Ethereum blockchains competing over a period of time.
If a significant amount of miners stage a coup simply by not updating, a new cryptocurrency could be formed that is more favorable to the miners of ETHash. Miners have an incentive to do so because Constantinople cuts the blocking awards from three Ethers to two. Furthermore, ProgPow, which greatly inhibits the efficiency of ASIC, will be implemented in the coming months. The developers of Ethereum (ETH) have explicitly stated that Proof of Work (PoW) will eventually be abandoned to make way for Proof of Stake (PoS), which would end the mining of Ethereum as we know it.
Perhaps the uncertainty about what will happen when the fork is lined up is the reason why Ethereum (ETH) has decreased by 8% today to $ 116. Ripple (XRP) is consolidating its lead in the Ethereum market ( ETH), with an advantage of $ 900 million, despite Ripple (XRP) lost 4% today.
The other main cryptocurrencies that are coming down today are Bitcoin Cash (BCH) and Bitcoin SV (BSV), down respectively by 8% and 9%. Both these cryptocurrencies performed poorly from the Bitcoin Cash fork in mid-November.
Otherwise, all major cryptocurrencies are falling. EOS is down seven percent, Stellar (XLM) is down 2 percent, Litecoin (LTC) is down 5 percent, Monero (XMR) is down 5 percent and Dash is down 5 percent.
The current instability and downward pressure in the crypto market may intensify while the etherium (ETH) Constantinople approaches the gallows since numerous cryptocurrencies depend on the Ethereum blockchain (ETH).
