Every Friday for the past month, the market begins to snowball downwards as we enter the weekend. It’s as if someone is trying to spoil our holiday season, and today is no different. Major sell-offs accompanied by another market dump is the early Christmas present we all are receiving today.
Bitcoin has visited a new yearly low today as its price dipped down to its current price of $3,241 and time of writing, an over 5% decrease in 24 hours. Bit that’s just the beginning of the bad news. Ethereum now rests at its new 18 month low of $84, an over 6% loss in 24 hours.
The altcoins taking the worst blows from the bears and currently, Stellar (XLM), Bitcoin Cash (BCH) and Bitcoin SV (BSV). All three of them are recording double digit losses: -11%, -15% and -10% respectively. Almost all altcoins are recording losses above 4%, with Maker recording a sudden drop of over 18% in the past 24 hours.
Very few altcoins are persevering temporarily from the major sell off, mainly due to FOMO pumps and a few lucky coins gaining investors.
Overall market cap has also reached a new yearly low of just over $102 billion, a $15 billion drop from earlier in the week.
Bitcoin has managed to rebound from its new yearly lows every Friday for the past three weeks, but this week is looking rather grim regarding Bitcoins future. Many analysts speculate that Bitcoin will not be so lucky as to rebound this time, and is more likely to break through its current support barrier of $3,200. If Bitcoin does so, it’s likely that its price will continue to fall over the weekend until it enters the upper $2,000’s where it is likely to find a new support barrier.
Happy Holidays to everyone, and we hope the markets get better and bring you joy this holiday season! (Though we do believe the bears will stay with us into the new year)