Cryptocurrency Markets Ereasy 11% in a Single Day

Just when things were looking positive for 2019, and cryptocurrency markets were making a slow recovery from their December lows, the bears came out in force and smashed them to bits over the past 24 hours.

Over $15 billion has been lost from crypto assets since the same time yesterday resulting in a daily crash of over 11%. There were two separate dumps each occurring over about an hour as the tsunami of bears beat the hell out of Bitcoin and its brethren.

Bitcoin has been facing stiff resistance at the $4,000 level as all indicators suggest that it will not be easy breaking through. Those were proved right yesterday as Bitcoin swiftly plunged back to $3,850, a previous level of support. The pain did not stop there as eight hours later another digital avalanche commenced sending Bitcoin back to $3,660. Any further losses below $3,600, another strong support zone, could see BTC back to its mid-December low of $3,200.

As seen on countless occasions the entire crypto market is hopelessly tied to the movements of Bitcoin. The big purge has hurt Ethereum even more which is currently showing a 13% loss on the day. The Ripple token also dumped 11.5% but it was just enough to edge out Ethereum again. There is only one survivor at the moment and that is Verge which has actually made a gain while all those around it have crumbled. XVG is actually showing a 7.5% increase on the day.

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