Even as the cryptocurrency market lies dead in the streets, the bear’s appetite for blood is not satiated. Top cryptocurrencies continue to bleed, with losses of over 10% heralding the arrival of another cycle of the bear market as Bitcoin [BTC] continues to drop.
The top cryptocurrency saw its lowest value of the year this week, as it dropped below $4000 to see a low of $3400, marking the recent bottom of the coin. It started its week off at the low $4000s mark, staying steady for a day before seeing a hike up to its weekly high of $4295.
It then proceeded to see a knife drop down back near the $4000 resistance level on 3rd December. The coin stayed around the same level before seeing another drop below the $4000 level on the same day. On the 4th of December, it saw a low of $3900 and recovered to trade around $4000 on the same day.
The coin then saw a drop below $4000, followed by a steady decline to the $3900 over the next 2 days. Even as it saw a hike to $3850, the coin lost momentum and began a decline again on the same day. While it stayed at $3675 for the next day a knife drop again down to $3430, marked a new bottom for the coin this year. It is currently trading at $3403 with a market cap of $59 billion.
The second biggest currency, XRP, tried holding steady and weathered much of the market drops over the week, as seen by the graph. It started off the week with a trading price of $0.36 and observed a hike putting it over $0.37. Over the next 2 days, the coin observed a steady decline culminating in a drop to $0.35.