Bitcoin Took Another Plunge In The Red After A Week Of Stability

The biggest cryptocurrency based on market capitalization, Bitcoin, made another plunge, losing the significant consolidation, formed at around $3,870. The #1 crypto lost almost $120 in just 24 hours, erasing the stable results and made the market volatile again.

The downward sprint also happened last week, with BTC trading at around $4,000 before plummeting down to $3,700. Ethereum (ETH) cloned Bitcoin’s behavior from last week and tested support zones under $140.

Opening the trade window today, Bitcoin traded almost 2.5 percent lower than 24 hours before, exchanging hands at around $3,750. Ethereum also took a hit, marking a 7-percent decline and falling below $130. Ripple also traded in the red, even plunging below $0,30, but found support at the $0.30 mark.

Last week was stable for the BTC – with highs of $3,850 and strong support at $3,700. When the Asian trading window opened, however, Bitcoin lost ground and fell to around $3,700. This is a clear indicator that bears are trying to make their way into the market again.

Nevertheless, looking at the Cryptobrowser.io monthly charts, all major cryptocurrencies are seeing 10 to 15 percent gains, indicating the bearish market is almost over. Bitcoin made more than 10% gains, despite the market plunge from today.

BTC monthly price: source https://cryptobrowser.io/coins/bitcoin-btc/

Ethereum made even better upwards movement, gaining 20% over the past month. Other cryptos remain somewhat stable with Ripple (XRP) increasing 4%.

Down the chart we can see big gainers, as well as big losers – over the past month, Dogecoin gained 10%, Basic Attention Token (BAT) skyrocketed with 50% gains, Binance coin (BNB) gained 57%, while TRON (TRX) lost 22 percent of its value.

Despite the sharp gains and losses of some cryptocurrencies and today’s bearish push, the overall market capitalization keeps its steady growth, marking a 13-percent increase over the past month.

Trading volumes are also seeing improvements, with peaks corresponding to the dips in prices in the last two weeks. This means traders are becoming smarter and smarter. The peaks in trading volumes also indicate big institutional players are also joining the crypto community.