The BTC value declined to 3,750 USD, returning to the last week’s prices subsequent to a hopeful corrective surge recorded on Jan 6, back when Bitcoin managed to break out from 3,753 USD to the level of 4,090 USD.
Within the course of the previous 12 days, ETH value increased almost twice from 85 USD to 160 USD, expecting the approaching Constantinople fork event, which is about to take place on January 14-18.
ETH trading volume has increased, with the cryptotrading activity of the 2nd most dominant digital currency in the worldwide market recording a surge on every single dominant cryptoexchange out there.
Nevertheless, the huge near-term profits make the currencies exposed to the near-term corrections of the same magnitude, which is exactly what happened in the last few hours, with ETH value declining by 14.9% to the level of 131 USD in one of the largest single-day declines over the past year.
With the selling pressure on the digital currency market rising and bears commencing a sell-off action for cryptocurrencies, the digital assets that displayed significant profits in the course of the last six weeks, such as ETH, BCH, and LTC, demonstrated the biggest losses on the day.
Back on Jan 7, a lot of cryptotraders, including The Crypto Dog, proposed that the tech signs of ETH currency hint on a near-term decline.
Despite the fact that both dominant digital currencies and small market capitalization coins displayed indications of near-term recovery action over the past 60 days, some cryptoanalysts proposed that with no breakout action over the major resistance levels, it is hard to state the setting up of a proper bottom in the cryptomarket.