Other dominant digital currencies, such as ETH and XLM have dropped by over 10% in the past 48 hours. ETH value declined from 112 USD to 101 USD, while the XLM currency has lost more than 13%, dropping from 0.15 to 0.13 USD. Over the last 12 hours, the entire cryptomarket has recorded a 6 billion USD worth of valuation loss, with tokens losing 10-20% of their prices in trading versus the USD.
Waves, Aion, Theta, Maker, and Chainlink have all been displaying a substantially better performance than the majority of the lesser market capitalization ERC20-based tokens in the global market, but crumbled due to abrupt sell-offs on the day. At the end of the previous month, BTC dove to its yearly low, reaching 3,456 USD and setting the stage for the bears to initiate one of their biggest sell-offs of the entire year.
Before that, a renowned cryptoanalyst, Willy Woo, claimed that the most popular digital asset will not find its bottom earlier than 2019’s Q2. According to the severity of the decline recorded by BTC over the previous couple of weeks, a decline to a new yearly low in the ballpark of 3,000-3,400 USD seems inevitable, specifically if the volume of Bitcoin is taken into account.
In the event that Bitcoin’s price is declining fast because of a substantial daily volume surge, then it can be concluded that the decline took place because of the newcoming bears in the market. However, since previous month, Bitcoin and the remainder of dominant digital currencies have all been suffering from a free fall with low daily trading volume. For example, On Dec 6, Bitcoin’s value dropped by almost 4%, with a volume decline from approximately 6 billion USD to 5.3 billion USD.