The move is unsurprising, to say the least.

Bitcoin and friends have been in the midst of a bear market since the start of 2018, with each successive rally putting in lower highers and selling off extremely fast as short sellers reap major profits. The total cryptocurrency market capitalization has once again fallen below $200 billion — and there may be plenty of room left to fall.

Altcoin Hell

The focus is primarily on Bitcoin (BTC), of course, but the altcoin market has borne the brunt of the bear market.

Just in the last 24 hours (from the time of this writing), Ethereum (ETH) has dropped 10 percent on its path towards oblivion. Supposed ‘Ethereum killer’ EOS (EOS) is down nearly 10 percent, as well, while Bitcoin Cash (BCH) and Litecoin continue their respective slides — down more than seven percent each.

The rest of the less-known altcoins, of course, continue to be flushed out while their trading volumes die.

Bitcoin Purgatory

Though capital is flowing out of altcoins and into Bitcoin, funds are also siphoning out of Bitcoin and into fiat.

The market leader broke through its range yesterday after an incredibly unconvincing move upwards, and some serious pain may be in the forecast.

$5,000 really only holds significance as a major level of psychological support. A fall below $5,000 and Bitcoin could easily be looking at valuations near $4,000.

What do you think of the current state of the cryptocurrency market? Will Bitcoin hold above $5,800? Let us know your thoughts in the comments below! 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.