Market Overview 13.3.| Bitcoin in a 27% slump
3 min readTable of Contents
Bleedeing continue to index, commodities have been added, and Bitcoin follows them again. The situation on world markets is not improving, quite the contrary. The plummeting continues and we attribute increasing daily percentage losses in response to further economic constraints.
Crypto market currently has a total market value of $ 172 billion. Since yesterday’s survey, we have seen a decline of 46 billion USD. We did not have such a slump in 2020. The decline from high in 2020 is $ 134 billion and bitcoin dominance is 65.1%.
The best growth yesterday was:
Nothing, any coin in the top 100 is not a plus unless we count stable coins, which should be $ 1. Stable coins grow not only for capitalization, but also for higher onslaught on price and subsequently adjust the algorithm to 1 USD. So much for stable coins. No wonder Bitcoin fell 27% today. You can read why he failed by reading Bitcoin below. The Altcoins, of course, made huge losses. It’s a critical situation. Since high 2020, we have fallen by $ 134 billion.
The biggest drop was recorded:
Maker (MKR) $280,42 USD (-41,56 %)
Aion (AION) $0,069615 USD (-34,97 %)
Synthetix Network Token (SNX) $0,482414 USD (-34,67 %)
Matic Network (MATIC) $0,012269 USD (-34,43 %)
Bitcoin SV (BSV) $123,41 USD (-32,90 %)
Chiliz (CHZ) $0,007043 USD (-32,49 %)
Bitcoin Cash (BCH) $178,13 USD (-31,85 %)
All datas are from coinmarketcap.com
World markets yeterday
Bleeding continue to index, commodities joined. Bitcoin is exactly following again.
SP500: -8,63 % NASDAQ: -8,16 % DOW J.: -8,99 % OIL: -6 % GOLD: -3,7 %
DXY +0,81 %
[BTC / USD] In 2020 to present value: -13,71 %
For the first time in a year we start counting Bitcoin to negative numbers. Of almost 50% growth this year, 13% loss for 2020 today. This happens when the indices fall by 20%. Bitcoin is in the same condition as the world markets. Today, however, fell significantly after the indices fell anyway. The reason for today’s major fall in Bitcoin is the copying of the world indices that have fallen to close the US border today thanks to coronavirus. Immediately after the press conference, a huge drop triggered, which was subsequently felt by Bitcoin.
We can only speculate, but we can see that Bitcoin is not acting as a commodity, but rather as a stock, so we can forget that in times of financial crisis it will grow in the form of “digital gold”. Rather, it will, like everything else, fail.
Let’s look at how it looks on the chart. First of all, I want to say what many do not admit. Now it’s not about technical analysis in terms of patterns. We can’t look for patterns here! The only thing that technical analysis can show us now is the closest support and resistance. At the moment, technical analysis is of secondary importance, the fundaments are essential – that is, information about coronavirus and how it will affect the world markets!
Fundamentals also include state policy and various economic and social constraints that will affect the economies of companies and countries. This must be monitored now. We see the closest support on Bitcoin at $ 6,000, which is, of course, an important support that has been mentioned several times over the past two years. If we do not maintain this support, we see support at $ 4,500 and then up to $ 3,200, which is low from 2018. Hopefully, the situation in the world, mainly from the health point of view, will calm down and then the financial one.
Current prices
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