With BTC dropping in price, the rest of the dominant digital currencies, such as ETH, XLM, and BCH have also recorded substantial losses versus the USD, with Bitcoin Cash losing over 11%. Over the week, BCH value dropped from 116 dollars to 89, which accounts for over 25% loss in spite of losing almost a half of its worth during the week before that.
Before the 4% loss was recorded by BTC, The Crypto Dog, a well-known cryptotrader has proposed that it might be too dangerous to commence trades on the near-term trend of the world’s most popular digital currency because of its unstable condition in a low value range.
Subsequent to the poor performance displayed by Bitcoin, the cryptotrader stated that BTC made its lowest daily close year to date, and said that there is little chance for recovery to take place before the asset hits more new lows.
DonAlt, yet another popular tech analyst, expressed his point of view in a similar fashion and stated that it is particularly risky to enter a long position on the near-term trend of Bitcoin before its value successfully registers a breakout from key resistance levels at 3,600 and 3,800 USD.
Over the past half a year, a colossal number of dominant digital currencies and ERC20-based tokens have registered 50-80% losses versus BTC, which itself recorded an almost 85% decline. While BTC experiences troubles and while VC companies step back from the digital currency sector in the wake of crashing prices, the dominant digital currency will most probably be unable to commence a breakout action over the 4,000 USD level in the weeks to follow.