Bitcoin and Cryptocurrency Bear Market is Imminent, Tezos Declines by 10%

While the cryptocurrency market declined overall, the 10th largest coin by market capitalization, Tezos (XTZ), fell 9%, the biggest drop among the top 10 cryptocurrencies. The world’s original altcoin Bitcoin (BTC) has also plummeted by over 4 percent. Tether (USDT) has continued to trade in green for the past one week and it currently has the biggest daily volume of $47.73 billion and the supply of 4.64 bln.

According to the coinmarketcap at 03:40 Sunday, 8 March 2020 (GMT-4) Time in NY, USA on March 8th, 21 coins climbed among the top 200 coins in the cryptocurrency market cap (MC), and 179 cryptocurrencies dropped. The bear market is predominantly dominant.

A cryptocurrency news outlet, CoinTelegraph anticipated that traders would return at $9,150 or $9,300 when Bitcoin price fell to $9,188 and then decided to make a decisive move towards $9,300. The price is also expected to exceed US $20858 on the Bollinger Pandew's 20 average line.

A bear market is expected to continue if the 21-week moving average remains below $8887. Bitcoin's value structure is encouraging and the market has a high probability of sustainability. Meanwhile, as Bitcoin price faltered, other MC Top 20 Altcoins also fell.

BTC/USD Price Analysis

At present time, Bitcoin is changing hands at around $8740, down 4.19% from the previous day (24-hours ago), Ethereum (ETH), the world’s second digital asset by MC is $ 230, down 5.53% from the previous day, and Ripple (XRP), a major threat to Ether is also standing at about $0.233, down 4.24% from the day before.On this day, the total cryptocurrency MC is up to $251.4 billion, with 63.5% share of Bitcoin.

Among the top 200 cryptocurrency MC digital currencies, the largest gains are Contentos (COS, $0.013665, 16.33 percent) the Ren (REN, $0.084356, 13 percent), followed by BHEX Token (BHT, $0.051969, 9.83 percent), Hedera Hashgraph (HBAR, $0.05714, 3.44 percent) and many others. The best losers among the top 100 tokens are actually WAX (WAXP, $0.046281, 20.14 percent), Swipe (SXP, $1.09, 14.28 percent), Decentraland (MANA, $0.041573, 13.32 percent) and others.