Monday, January 28 — Bitcoin (BTC) lost 3 percent and altcoins shed up to one-tenth of their incentive as bearish moves returned to cryptocurrency markets.
Coin360 demonstrates a downtrend toward the beginning of the week, with BTC/USD losing support at $3,500.
A sudden plunge ended what had been a quiet week for the pair, which had remained extend bound somewhere in the range of $3,500 and $3,670.
What happened in the early 70s? Nixon closed the gold window, forever severing the Dollar's connection to gold and the attendant fiscal prudence of a hard money standard.
— Vijay Boyapati (@real_vijay) January 27, 2019
At press time on Monday, Bitcoin floated around $3,460, its lowest price since Dec. 16.
Crypto liberals believe Bitcoin will be superceded because it doesn't evolve fast enough, giving an advantage to more agile competitors. Crypto conservatives believe Bitcoin need not evolve quickly and that such competitors sacrifice social scalability to their own detriment.
— Jameson Lopp (@lopp) January 26, 2019
— Richard Heart BitcoinHEXin6wks (@RichardHeartWin) January 27, 2019
— ⚡️The Four Satoshis⚡️ [Bitcoin, not crypto] (@TSatoshis) January 28, 2019
While no single event seemed to trigger the losses, experts had long called for further downsides for Bitcoin.
Opinion stay split over Bitcoin’s likely performance in 2019. Mike Kayamori, CEO of cryptocurrency exchange Quoine, produced one of the industry’s more bullish forecasts for this year, claiming it would hit all-time highs above $20,000 before 2020.
— ⚡️The Four Satoshis⚡️ [Bitcoin, not crypto] (@TSatoshis) January 27, 2019
In altcoin markets, following a common theme of imitating and then expanding on Bitcoin trends, some assets in the top twenty by market cap fell sharply.
Ethereum (ETH) had lost 6.8 percent at press time to exchange at $108, while the listings were led by Bitcoin Cash (BCH), which shed 10.8 percent to hit $111.
— Red Candles (@dust8tenO3) January 28, 2019
Bitcoin SV, the hard fork of BCH that traditionally traded inversely with BTC, neglected to imitate its past behavior, falling 9 percent to $66.80 — a two-month low.
— Master ⚡️ (@xtdisnkfe) January 28, 2019
Arthur Hayes, CEO of exchanging platform BitMEX, expects a turn around in fortunes for Ethereum as a major aspect of a renaissance of the initial coin offering (ICO) market. Once this begins, this year or next, ETH/BTC should come back to $200 and higher.
— 100eyes Crypto Scanner 🌐 (@100eyesCrypto) January 28, 2019