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Cryptocurrencies decline again as part of the downward trend

22 Mar 2019   #Bitcoin

The main cryptocurrencies on Friday once again go down, resuming the fall in the framework of the strong downward trend on the market. Digital assets ignored a number of fairly positive news, preferring to focus on technical factors. So, good news for the market could be the message that the New Zealand cryptocurrency exchange Cryptopia, previously subjected to a massive hacker attack, officially resumed its work.

In addition, Jack Dorsey, CEO of the Square payment platform, said that he was going to hire blockchain developers and pay for their work with bitcoins.

Since December 2018, Bitcoin has twice tested the resistance level by $ 4,200 and 3 times higher than $ 4K. After a couple of attempts to overcome $4200, the bitcoin rate fell down to $ 3,700 - $ 3,900. Probably, BTC could not keep up the momentum due to the insufficiently high level of inflow of funds, as well as volume in the market. Thus, some traders believe that if Bitcoin fails to demonstrate a rally above $ 4,200 - $ 4,600 shortly, there is a high possibility that the digital asset will fall back into the support area by $ 3,500.

Over the previous week, the bitcoin price has risen from $ 901 to $4048, that is, almost 4% against the US dollar. The relatively strong short-term performance of Bitcoin led to the fact that alternative cryptocurrencies showed a remarkable increase in the dynamics of growth, allowing the total capitalization of the crypto market to grow by almost $ 7 billion.

At 10.00, the Bitcoin rate, according to Libertex, per day fell in price by 1.56% to $ 3,962 with a capitalization of $ 70.8 billion. Ethereum by this time fell by 2.45% - to 134.9 dollars with a capitalization of 14.4 billion dollars. XRP for the day lost 3.9% and dropped to $ 0.308, its capitalization reached 12.9 billion dollars. Some support for this cryptocurrency was the message that the digital exchange Rain from Bahrain, operating under Sharia law, starts XRP trading. Litecoin weakened by 2.76% to $ 157.9 with a capitalization of $ 3.6 billion.

The total capitalization of the crypto market has reached $ 139 billion. According to financial scouts, in the short term, cryptocurrencies will continue to decline. Bitcoin can drop to $ 3900, Ethereum - to $ 131-132, XRP - to $ 0.3, and Litecoin - to $ 155.

The market always serves as a means of transferring money from the impatient to the patient. Regardless of whether Bitcoin can overcome resistance levels, or fall to the lower limit of the $ 3,000 range, traders expect a high level of volatility due to a noticeable increase in cryptocurrency market volumes.

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