Bitcoin price returned to $ 7,100, Altcoin trading market fell slightly

By Selena On Dec 31, 2019

2020 is coming, but the cryptocurrency market looks quite bleak. Bitcoin price has seen a significant increase in 2019 (over 100%), while the Altcoin trading market dropped significantly compared to the beginning of the year. At press time, Bitcoin price is showing a red candle, recording a 1% decline in the last 24 hours. Although only slightly decreasing, the red color also made the market quite bleak.

Moreover, most Altcoins have reached new lows, and many coins are still trending downward, seeking potential support.

Bitcoin price is down, and the cryptocurrency market is bleak

At press time, the Bitcoin price is trading around $ 7,171, down 1.1% in the last 24 hours. Market cycles are a factor many of us are quite concerned about. In particular, people are incredibly fond of comparing the previous Bitcoin peak to the highs of Bitcoin in December 2017.

However, the market witnessed a similar parabolic move in December 2015, but with a big difference. The market had a hysterical excitement during the December 2017 rally, while no one was interested in Bitcoin in a similar parabolic move in 2015. Through this, comparing the current market with the beginning of the previous cycle is more natural.

The second-largest cryptocurrency in the market is Ether, currently at $ 128.65. This number one Altcoin has had a slight decrease during synchronization with Bitcoin, recording a decline of about 2% at press time.

Source: TradingView

Since its launch, in the first quarter of the year, ETH prices have been rising. In 2016 and 2017, the major downtrend was broken to raise prices, while 2018 witnessed the highest value of ETH. There was even a 60% increase in the bear market in early 2019. However, Ether is still in a two-year downtrend.

The third-ranked cryptocurrency, XRP, is no exception in today’s downtrend. XRP is currently trading at $ 0.189, down 1.5%. Over the past seven days, XRP has dropped by 0.4%. One of the most decreasing Altcoins this year is XRP. The coin has fallen 50% this year, from $ 0.39 to $ 0.195.

Source: TradingView

The price of XRP has held the support of $ 0.30 throughout the year. However, XRP cannot rise to higher levels and continue to make lower levels. Later this year, the $ 0.30 level was tested for resistance and confirmed, as can be seen with the previous rejection in November. This decline started a new, temporary downtrend finish with the latest low of $ 0.176. The last time this price was seen was in November 2017, before a significant rally occurred against XRP.

Most of the top 20 cryptocurrencies also dropped slightly from 1% – 4% in the last 24 hours. However, contrary to the downtrend of the market are Tezos (XTZ) and Cosmos (ATOM), with increases of 3.6% and 2.4%, respectively.

Source: Coin360

With substantial volatility, cryptocurrency market capitalization is maintained at $ 190 billion.

Other information surrounding the cryptocurrency market

China has long cherished its desire to develop Blockchain and apply this technology to the issuance of digital renminbi. And to prove its determination, China’s Cryptography Law will be implemented on January 1, 2020. For Chinese authorities, it seems that cryptocurrencies are an essential technology to protect national security, strengthen CCP’s control of the Internet.

Legal Improvement To CBDC’s China “Cryptography Law” Enforced On January 1, 2020

Besides, the Ethereum network is the target of a coordinated attack. After some of the Ethereum Parity nodes lost synchronization with the network, Parity Technology said it believed that an attack was underway and then released a network upgrade to protect against it.

As AZCoin News reported, the Ethereum Parity development team once again urged its node operators to update their nodes and not be afraid of any attacks.

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