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- The crypto market has witnessed one of the most tragic trading day of 2020 in which almost $500 million worth of BitMEX longs were liquidated in a single hour.
- The Greed and Fear index shows that the condition of extreme fear among the crypto investors have arisen.
- The overall market capitalization is $169,323,258,759 and volume traded of $163,321,940,982. The significant downfall has increased BTC dominance to 65.4%.
Bitcoin (BTC) Price Analysis
The long-term predictions of bitcoin reaching the level of $6k were felt like a joke when the largest crypto asset in the world was at the price level of $10k. But now, the joke has turned into reality and BTC has touched the price level of $6k with the crypto market crash. Many of the known analysts and traders predicted that after reaching the level of $6k bitcoin will find support to reach $10k and every crypto investors is in the same hope. The sudden crash in just one hour has completely shocked the cryptoverse and hopes to avoid any further downfall.
Ethereum(ETH) Price Analysis
Ether has touched its December 2019 price level of $130 destroying all the bullish momentum gained this year. The magnitude of the downfall is said to be around -30.00%. The market capitalization is $15,188,310,376 and volume traded of $20,311,366,011. The downfall below $200 mark indicated that a major bearish trend is coming for ether and proved itself by the downtrend in today’s market. Ether broke all the support levels ranging in between the price of $200 and $150.
ICON (ICX) Price Analysis
ICON also had its one of the most impactful bearish movements in the market for this year. The altcoin faced an overall loss of -34.50% bringing the current price to the level of $0.20. ICX also plunged straight from the level of $0.30 to $0.20. The market capitalization is $107,172,374 and volume traded of $21,563,115. The ICX/BTC pair also witnessed a significant decline as it faced an overall loss of -15.07% bringing the current level to 0.00003350 BTC.
Tezos (XTZ) Price Analysis
It’s beyond imagination that how one of the top-performing altcoin of this year is now on its bearish level of $1.50 with an overall loss of -33.29$. The bearish market has forced the majority of the altcoin to reach its critical support area for the year. Tezos is now at the price level of $1.50. A cryptoasset that was moving around the price level of $4.00 is now at $1.50 just explains the impact of today’s downfall in the market. The market capitalization is $1,192,284,403 and volume traded of $239,229,825. The XTZ/BTC also faced a significant decline as it plunged -13.39%.
OmiseGo (OMG) Price Analysis
The overall bearish market has brought OMG to vulnerable price levels. It faced a heavy downfall of -31.76% bringing the price level to $0.50. The OMG/BTC pair faced -11.30% loss with the level of 0.00008656 BTC and OMG/ETH pair faced loss of -0.26% with the level of 0.00387181 ETH. The market capitalization is $73,425,852 and volume traded is $109,982,295. OMG has now lost all the bullish momentum gained throughout this year.
OVERALL VERDICT
The cryptomarket is been witnessing impacting downtrend for the past few days. Heavy losses and downtrend in the price are being major concerns for the market as of now. However, looking at the other side, we can now expect that bulls may come back and make the much-required price recovery actions. Bitcoin has reached its critical support level of $6k, Ether has also reached its critical support level of $130 and other major altcoins are also on their sensitive low price levels. This may pull some buying volume for the crypto assets in the market.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
