While enthusiasm towards the market was momentarily high as it appeared the bulls had returned to the market, that enthusiasm has since been lost. Over the past 24 hours the market has dropped from $142 billion to $132 billion as market prices have once again begun to plummet.
Bitcoin demonstrated momentary stability in the $4200 range over the past two days, similar to the market crash of April 2018 when Bitcoin exhibited a momentary stability rally before crashing to a new low.
At time if writing, Bitcoin is currently dabbling in the $4,000 region with the prospect of dipping below the $4,000 mark with a current -6% price drop over the past 24 hours. Recent price drops indicate that that the bears still have majority control over the market. Many analysts believe that Bitcoin is still in danger of dropping the below the $3700.
That being said, it’s likely that if Bitcoin can manage to break over the $4400 mark, we would see its value rocket up into or near the $5,000 area. It’s unlikely that a full corrective rally will result in Bitcoin reaching early November levels as Bitcoin is more likely to find and sustain a new resistance level. Though if we see Bitcoin break through the $4400 barrier in a 24 hour time frame with a large surge, it’s possible that it will create such market hype that it will continue to raise even into the $6000 to $7000 range. If Bitcoin’s value does dramatically increase, it’s unlikely it will remain at such high levels.
With most tokens values currently tied to Bitcoin’s, it’s no surprise that most tokens are reporting in the red seldom a few stablecoins.
Surprisingly Tron’s TRX token has dropped over -11% in value since yesterday, dropping in back into the number 12 position. Tron recently announced its partnership with BitTorrent and with multiple other gaming platforms. This large adoption of TRX should make TRX’s value go up, but it’s likely that the bear market is what’s bringing it down.