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On Tuesday, a new wave of sales swallowed up Bitcoin and altcoins, dragging the market to new annual lows and Tether (USDT) in the top 5 coins by market capitalization. The crypto-bear market is showing little sign of letting go. In this context, it is easy to forget that cryptocurrencies like Bitcoin have become so resistant to death that no amount of fear, uncertainty and doubt can ignore the current phenomenon.
Compared to the beginning of 2017, the price of Bitcoin is still worth 10 times more than it was then, which means that Bitcoin remains an excellent selling point.
Market update
On Tuesday, the market capitalization of all cryptocurrencies reached a minimum of $ 107 billion, as the downward momentum continued to push prices down. Last week, the market reached $ 105 billion, marking a new 15-month minimum. The way prices are going today, the new lows are probably in the short run, so do not expect rebounds soon.
Losses among the main cryptocurrencies are between 2% and 8%, with Bitcoin reaching the lower end of $ 3,300. The leading digital currency is rapidly approaching a critical $ 2.00- $ 3,200 support test after a series of lower lows and lower lows.
The widespread sell-off allowed Tether to claim its stablecoin status. The USDT was rated for the last time at $ 1.01, where it was trading slightly higher than its dollar would suggest. Tether is now a $ 1.9 billion market, ahead of Bitcoin Cash, EOS and Litecoin.
And the foundations?
In the last ten years, Bitcoin has had almost zero financial losses on the chain itself, making it the most reliable financial network in the world. Bitcoin is so decentralized, in fact, that the US Securities and Exchange Commission (SEC) has officially declared that it can not be considered a security.
As investors will soon discover, self-sufficient decentralized networks without central authority are hard to kill.
To keep up with the development of Bitcoin, check the number of Bitcoin contributors who have dedicated their time to improve Bitcoin. I'm sure it will help you understand how decent cryptocurrency can truly be compared to traditional fiat alternatives.
