Even as the cryptocurrency market lies dead in the streets, the bear’s appetite for blood is not satiated. Top cryptocurrencies continue to bleed, with losses of over 10% heralding the arrival of another cycle of the bear market as Bitcoin [BTC] continues to drop.
The top cryptocurrency saw its lowest value of the year this week, as it dropped below $4000 to see a low of $3400, marking the recent bottom of the coin. It started its week off at the low $4000s mark, staying steady for a day before seeing a hike up to its weekly high of $4295.
It then proceeded to see a knife drop down back near the $4000 resistance level on 3rd December. The coin stayed around the same level before seeing another drop below the $4000 level on the same day. On the 4th of December, it saw a low of $3900 and recovered to trade around $4000 on the same day.
The coin then saw a drop below $4000, followed by a steady decline to the $3900 over the next 2 days. Even as it saw a hike to $3850, the coin lost momentum and began a decline again on the same day. While it stayed at $3675 for the next day a knife drop again down to $3430, marked a new bottom for the coin this year. It is currently trading at $3403 with a market cap of $59 billion.
The second biggest currency, XRP, tried holding steady and weathered much of the market drops over the week, as seen by the graph. It started off the week with a trading price of $0.36 and observed a hike putting it over $0.37. Over the next 2 days, the coin observed a steady decline culminating in a drop to $0.35.
The coin recovered to the mid-$0.35s before steadily declining again over the next two days to $0.32. It then saw a knife drop along with the rest of the market down to the $0.3 cent mark on 7th December. The coin attempted a recovery to the $0.31 resistance and failed, thus trading at around $0.30 currently, with a market cap of $12.05 billion.
Ethereum [ETH] started off the week at $113, hiked to almost $120 before declining over the next 2 days to see a drop to $113 again. A sharp movement downwards on December 3rd pushed it closer to the $100 mark. The coin stayed above the $100 resistance until 6th December, where it crossed over from 3 digits to 2. It broke the $100 resistance and moved downwards, staying at close to $95, before declining again to trade at $85. It currently has a market cap of $8.8 billion, occupying the #3 position on CoinMarketCap.
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