Bitcoin has just lost immediate support and went straight to the next one, dragging almost the entire crypto market with it, here is an analysis of what is happening.
As of this writing, BTC is trading at $ 31,918, racking up a 7.15% loss in the last 24 hours.
On the other hand, ETH is trading at $ 1,228, with losses of 3.22% in the last 24 hours.
And the last cryptocurrency to be analyzed in this publication, DOT, has a price of $ 16.20, partly escaping the clutches of Bitcoin, accumulating a gain of 8% in the last 24 hours.
By analyzing these 3 cryptocurrencies we will be able to have a good vision of what is happening in the crypto market in general. Let’s get to it.
Is Bitcoin bracing for a bigger dip? Will the crypto market be affected?
The dominance of Bitcoin over the ecosystem is unquestionable, which causes each strong fluctuation that this cryptocurrency makes to influence the others.
At the moment the fall we are seeing is not too worrying, but it is true that there is a risk that BTC will make a major correction in the coming days.
Currently the price is on a relevant demand zone, which if it is crossed with force, we would be seeing a high danger of a greater fall.
As long as this scenario does not occur, the bulls will remain in command, and the worst we could see is a period of consolidation.
If you want an in-depth analysis of the current Bitcoin situation, check out the link below.
Ethereum almost hit an all-time high
As I commented in a recent analysis, ETH was fully willing to hit a new all-time high while the crypto market rested, and even though it didn’t, it was very close.
Today with the fall of Bitcoin, Ethereum followed suit, but still the losses are not too worrying.
As long as the largest cryptocurrency on the market does not lose its support zone, we could see ETH very soon making new all-time highs.
Polkadot does not stop
Polkadot (DOT) is again the 4th largest cryptocurrency in the crypto market, taking the place out of Ripple. Tether, a stablecoin, remains in position 3, so it makes sense to do a technical analysis.
While this publication is being written, DOT is backing down after making important gains during the session yesterday, trying to resume the strong uptrend it brings.
Following an impressive takeoff on December 28, Polkadot has been hitting high after high for the past few days, and there is currently no sign that this performance will end anytime soon.
All our publications are informative, so in no case should they be taken as investment advice.