Within the same period, the cryptomarket gained 11 billion dollars, escaping further decline to the 100 billion USD region, which could have been crucial for the near-term market trend.
The majority of dominant digital currencies, such as ETH and BCH, have managed to bounce back from the low double digits, with technical signs beginning to display extremely oversold conditions.
However, cryptotraders and tech analysts are still in doubt regarding the near-term value trend of digital currencies, at least until key resistance levels get broken.
From the beginning of December, the BTC price has been in the free fall from the mid-4,000 USD area, failing to retain its momentum and display any stability.
As per DonAlt, a renowned cryptoanalyst, Bitcoin will stay in the ballpark of 3,300-3,600 USD without any signs of significant price movement up until it performs a breakout from the 3,700 USD resistance level.
According to the recent statement of Alex Kruger, a well-known economist and cryptotrader, Bitcoin is currently in a much better position to commence an accumulation stage and a consolidation period, due to the fact that it has managed to shorten its losses in the course of numerous harsh market sell-off actions.
In contrast with ETH and BCH, Bitcoin has managed to sustain its price relatively well, taking into account how intense the market decline over the last 60 days was.
Both Ethereum and Bitcoin Cash have recorded losses versus USD, accounting for 93 and 95 percent respectively, and Bitcoin would have to lose 72 more percent from its present value to record a similar decline as the two specified digital currencies.