Forex and Crypto News

What happened to altcoins? New crypto winter?

10:14 17 December /2019

As expected, after long trading in the range of $7,000- $7,500, Bitcoin broke down the psychological level of $7,000 and fell to the area of ​​$6,850. Nearly closing the US trading session BTC fell from $7,100 to just over $6,800. But if Bitcoin lost 2.6% of the price for 24 hours, altcoins showed a decline of 7%.

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Bitcoin fell to the November levels, but it’s worth noting, this time there was no immediate rollback as of November. Bitcoin seems to have stuck in the $7,000 area for a while.

It seems we will see the consolidation around $7,000 or to a further decline to the $6,600 support area. This drop was expected since there were enough bearish forecasts for BTC with a decline below $7,000.

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After this drop, we can see the exit of investors from altcoins, and the transition to Bitcoin as the most secure crypto asset.

Over the past few hours, the crypto markets lost about $7 billion, and this has put great pressure on altcoins.

This made some altcoins return to their last year's prices of the so-called “crypto winter” when corrections at the level of 80% -90% were frequent.

Ethereum fell by 6.9% and got closer to the low $130. Now it is close to its annual low of $105 and farther from the top of 2019.

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At the same time, Ethereum did not become the biggest loser in the TOP-10. Litecoin and Binance Coin lost 7.9% of the price within 24 hours.

LTC broke the psychological mark of $40, dropping to the area of ​​$39.6, which is the level of crypto winter.

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Of the TOP 10, only Tezos was able to hold on and showed an increase of 9.7% to $1.73 within 24 hours.

It seems that we are on the verge of another crypto winter for altcoins, at least because spring successes are getting further and last year's results are getting closer.

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12:01 17 December /2018