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Cryptocurrency Market Hits Downtrends Whereas Bitcoin Falls Below $3,500

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.

At press time on Monday, Bitcoin floated around $3,460, its lowest price since Dec. 16.

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.

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.

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.

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.

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