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Bitcoin (BTC) Declines Below $4,000: Altcoins Instant Follow-up

BTC

Despite all the momentum built by various coins during the last few days and the much welcomed gain experienced throughout the market, the crypto-market dropped for $4.0 bln in just a few hours with the beginning of this week.

Source: coinmarketcap

Per time of writing – the pioneer of cryptocurrencies Bitcoin BTC dropped below the major $4,000 as the momentum sprung last week got tired and the bears took over the wheel reaching the $3,945.60 level counting -1.73% in the negative against the US Dollar. The altcoins followed-up speedy and went head first for the beginning of the new week value plunge.

Even that many analysts that last few days became quite cheerful – some have kept a level head. Amarok, a crypto-centric chartist, recently issued a warning to his investors via Twitter about the short-term prospects of Bitcoin. He noted out how during Dec-Jan the #1 coin by market cap changed hands between a $3,564 to $4,241 Fibonacci range. While this isn’t anything notable in and of itself, the asset failed to break above its 0.786 Fibonacci ($4,096) prior to falling dramatically. BTC recently failed to surge past its 0.786 Fibonacci ($4,072). Again, this all has been underscored by somewhat waning trading activity. – Read more on the cover written by Nick Chong

Latest on the second largest coin – Ethereum, Justin Sun the founder of TRON [TRX] highlighted out that when Tron blockchain succeeds, he intends to build a monument of the creator of Ethereum – Vitalik Buterin in memory for the contribution. This came right after Vitalik Buterin said that in case Tron takes over Ethereum’s place he will lose faith in humanity.

Alex Tomzack
About author

Alex Tomzack is a crypto-enthusiast and has been fascinated since first hearing about it. Loves technology, writing, culture while being a regular trader and holder of digital assets. Email: [email protected]
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