Bitcoin

Bitcoin [BTC], XRP, Ethereum [ETH] struggle in the bear’s throes: 10%+ losses across the board

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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