On the first day of the New Year, the market experienced a big plunge. It seems like nothing could stop the bearish trend that started in October. Cryptocurrencies continue to lose value and it is no surprise why. The whole sector has been pretty unstable since the beginning of the year when Bitcoin saw its all-time highs. Every time we check on prices we see a new low. As of writing, most major coins are reporting another hit. Bitcoin (-8%) and Ethereum (-6%) are taking it hard while altcoins are also seeing red (-5%). So what’s going on today? And what can we do about it? Read on to know more!
Bitcoin price drop – January 1
Bitcoin was the clear loser of the day. The flagship coin saw its price drop by 8%. The price is currently trading at $3,814, down -8% from its all-time high of $4,749. The total market cap is around $111 billion. The bitcoin price drop started on New Year’s Day. At that time, the price was above $4,000 and was already considering the start of a bull run. Fans were excited about the potential of 2019 when Bitcoin would see its first profitable year in 5 years. Bitcoin has been on a downward trend ever since. In January, it dropped to as low as $3,814. Right now, the price is stable at around $3,900. The crypto market is still not over the hump and it is possible that the prices will go even lower.
Also Read- What is Dogecoin? How to Invest in the Cryptocurrency
Ethereum price drop – January 1
Just like Bitcoin, Ethereum also saw a significant drop in the price. It fell by 6%, trading at $831, the lowest mark since September 2017. With a total market value of $11 billion, Ethereum is the No. 2 asset by market cap. Other coins that saw a drop on New Year’s Day include EOS (-6%), NEO (-5%), and XRP (-5%). The Ethereum price drop started on 1 January. The price was at $939, which was already very low since September 2017. It wasn’t surprising that the price dropped on New Year’s Day. This was the day when a lot of people were busy with their New Year’s celebrations, and most of them probably forgot to check on their favorite coins. Ethereum is still in a bearish trend and it is not expected to show any sign of recovery anytime soon. The best we can hope for is that the bearish trend might end soon.
Also Read- Who Started Ethereum and How To Invest In It
Bitcoin Cash price drop – January 2
Another coin that saw a significant drop was bitcoin cash. It fell by -11% trading at $435. The market cap is $11.1 billion, which is less than fifth-placed bitcoin cash. It is surprising that this is happening after the Bitcoin Cash community decided to switch to SegWit. The bitcoin cash price drop happened on January 2. Just like the other coins, the price was in the red since September 2017. It was not until 3 January that the price dropped by -11%. The price was as low as $400. Currently, the price is $420 and trading volume is low. The bitcoin cash community has been pretty involved in the SegWit debate and started to get divided after the community decided to vote for SegWit. This resulted in a lower price for the coin.
Ripple price drop – January 5
Ripple’s price dropped by 6% trading at $0.45 and total market cap is $17.4 billion. The price drop has been steady since December 28. The coin was trading at $0.65, but on January 5 it fell to $0.45. The majority of people thought that Ripple would see some profit after the holidays, but they were wrong. The price drop was just as expected and another sign that the crypto market is not in a good shape. Ripple is a coin that has been in the red since last year. This year has been a little better for the coin, but most analysts have predicted that the prices will drop further.
Also read-How To Earn Baby Dogecoin in 30 Seconds: A Step-by-Step Guide
Conclusion
It has been a very tough year for the crypto sector. Bitcoin and Ethereum saw their all-time highs and followed by a huge price crash. This resulted in a drop in the valuation of most coins and tokens. The bad news don’t end here. Most investors and traders agree that the crypto sector is in a bearish trend. They also think that it is unlikely that the prices will see any profit in the upcoming year. It is safe to say that the crypto market is going through a rough patch right now. Many investors and traders are complaining about this because it is very difficult to make money in this sector. Now that we have figured out what’s going on in the sector, it is time for us to figure out what’s next. The prices will go up, down, and everywhere in-between. As long as there are people who are trading, the prices will go up and down. It is important to keep an eye on the prices so that you know when to sell your coins and tokens. It is possible that the prices will go up, and you can buy back at a profit. We need to remember that the crypto sector is very volatile, especially when you are trading for a short-term profit. It is possible that the prices will go down and you will end up losing your money. Now that we have figured out what’s going on in the sector, it is time for us to figure out what’s next. The prices will go up, down, and everywhere in-between. As long as there are people who are trading, the prices will go up and down. It is important to keep an eye on the prices so that you know when to sell your coins and tokens. It is possible that the prices will go up, and you can buy back at a profit. We need to remember that the crypto sector is very volatile, especially when you are trading for a short-term profit. It is possible that the prices will go down and you will end up losing your money.
