Bitcoin loses more than 3% over the last 24 hours and trades at $9,800. Cryptocurrencies continue to surprise market participants. At the start, the Bitcoin dominance index fell, then the Bitcoin fell itself, and now almost the entire market of cryptocurrencies is in the red zone. The decrease occurs at the increased trade volumes.
Besides, a significant psychological level of 10K was broken through. If the coin is not redeemed soon, we can see a more large-scale exit of investors.
It is even harder to say why the altcoin market is falling, having started to grow a few days ago.
Alternative cryptocurrencies have been in disgrace for the last few years. A significant drop has led to a desperate fixation of losses by retail traders. Such surrender is usually a sign of reaching the bottom and a trend reversal for experienced traders, which is what we saw in the end. However, the optimism ended faster than many people thought. It is quite possible that the trust in the prospects of altсoins survival still sufficient only for the narrow price growth corridor, after which the profit-taking starts.
The FxPro Analyst Team
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