Market Analysis: Total Crypto Market Cap Decreases $1 Billion, All Major Cryptocurrencies Down Slightly

January 18, 2019 / by Zachary Mashiach

Bitcoin (BTC) has decreased from $3,650 to $3,610, about a one percent loss. The price of Bitcoin (BTC) continues to be well below the critical $3,900 resistance level, and below the $3,700 resistance level as well, which has been dominant since the 10 percent price crash on Jan. 10.

Today, all major cryptocurrencies are in the red. Ripple (XRP) is down 1.3 percent, Ethereum (ETH) is down 1.6 percent, Bitcoin Cash (BCH) is down 1.8 percent, Bitcoin SV (BSV) is down 2.5 percent, EOS is down 2.1 percent, Stellar (XLM) is down 1.6 percent, Litecoin (LTC) is down 0.9 percent, Tron (TRX) is down 2.1 percent, Monero (XMR) is down 0.5 percent, and Dash is down 1 percent.

The total crypto market cap now sits near $121.7 billion, after losing roughly $1 billion in the past day.

Dogecoin (DOGE) is actually doing better than all the other major cryptocurrencies and is up 0.4 percent on the day. IOTA is also up 0.2 percent.

The Ethereum (ETH) Constantinople hard fork being delayed, and subsequent accidental chain split, may be having a negative impact on the crypto markets today. 10 TH/s is mining the Constantinople fork right now, which is a particularly unstable situation for a major cryptocurrency and could lead to transaction problems.

The Ethereum Constantinople hard fork has been rescheduled for late February, which increases uncertainty in the Ethereum (ETH) market. A more detailed Crypto.IQ article on this situation will be released soon.

Overall, the price of Bitcoin (BTC) has traded in the $3,100 to $4,400 range since the middle of November. $3,100 is certainly the most critical support level to watch. $3,500 has also been a support level since Dec. 19 and is important to watch as well.

It is possible the Bitcoin (BTC) market bottomed when it hit $3,100, although that cannot be said with certainty, especially since Bitcoin (BTC) is struggling to have a sustained rally.

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