Crypto Market is Down, Bitcoin and The Other Altcoins Are Depreciating
Over the last couple of months, it has been an issue for cryptocurrencies, when Bitcoin and almost all other altcoins reached new heights in 2020. Only a few months ago, before they met an irresistible opposition that caused a tense downward trend.
Stock markets, which lost a large share of their capitalization last week, usually close on the weekend. However, the bitcoin market never sleeps. Over the weekend, Bitcoin strengthened in the middle of the $ 8000 – $ 9000 range.
If the markets become declined at the main level, which is located slightly below their current value, this has the opportunity to trigger an active sale action. So it turns out that Bitcoin and the bulk of the other major altcoins will be in a midterm of an active sale action.
The cryptomarket shows helplessness symptoms like bitcoins, altcoins keep dropping. Bitcoin’s tense downtrend, observed in the direction of the past week or within this one, had a devastating effect on the cryptocurrency market. So the bulk of the large altcoins importantly reduced the profit received by them in the direction of their intensified upward change in the course of 2020 . Since the beginning of 2020, digital asset markets have grown by almost 30%, and the current market situation is not the worst. The impending economic downturn may have a bad effect on cryptocurrencies, as people will have less money on investments and digital assets.
This drop was noticed between most of the leading altcoins, which in the direction of the last few months are strongly behind BTC.
The harm that this downtrend made to the market is made clear if you look at the total capitalization of the cryptocurrency market, which collapsed by almost $ 60 billion from monthly maximums in excess of $ 300 billion.
Markets have every chance of quickly reaching annual maximums, but everything depends on the value.
Crypto Michaël, a famous crypto-enthusiast, and investor, spilled the beans in his last tweets that market capitalization in real-time is reaching its own 21-week and 200-day moving average of about 230 billion USD. Actually, what is considered the main level of assistance that needs to be defended at all costs.
If the bulls are able to protect this, so the market has the ability to increase to the maximums of 2020 at $ 300 billion. However, any lowering can lead to a sharp decrease to $ 190 billion.
Both line up for $ 230-235 billion. Holding this, we would have the opportunity to arrange a fresh S / R-turnover and again aim at $ 300 billion.
At the end of last week, the fall of the main cryptocurrency, apparently, also ended. Over the weekend, Bitcoin began to consolidate around $ 8,600.
How markets will trade in the coming days will inform on how bitcoins and altcoins will develop in the following weeks and months
After a week of rapid falls, cryptocurrencies took a break on the weekend, and their decline stopped. The total market capitalization of cryptocurrencies is around $ 245 billion, which is 20% lower than the peak in 2020.
Since the beginning of 2020, digital asset markets have grown by almost 30%, and the current market situation is not the worst. The impending economic downturn may have a bad effect on cryptocurrencies, as people will have less money on investments and digital assets.