Since November 23, 2017 , the cryptocurrency market fell to the lowest level , touching $251.8 billion before bouncing back to the current $269 billion. The market price action formed a double bottom, with the first low at $252.7 billion. Bitcoin, the largest cryptocurrency with a market share of 45%, lost 10% in the last 24 hours, falling to $6,726, according to Coinmarketcap data.
The last time the crypto market touched such lows was in November last year, but the market was witnessing a sharp bullish trend at that time.
CNBC noted that Bitcoin was getting closer to its death cross, which refers to a bearish crossover of the indicators 50-day moving average and the 200-day moving average,On Wednesday.
At the time of writing, Bitcoin is down 15% for the week. Even though not everyone agreed with the significance of this technical analysis conclusion, it seems now that the warning was relevant.
Ethereum has lost 25% for the week and Ripple has shed 19% over the same period, while Litecoin, Bitcoin Cash, and Cardano have dropped by about 23%, As for other cryptocurrencies.The biggest winner in the top 20 is Tron, which has risen by 25% in the last seven days.
The crypto market started this year at around $700 billion, giving signs that it might touch the $1 trillion threshold soon. However, it reached the record high at $826 billion and has lost 69% since then./investing.com
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