Cryptocurrency Market Breakdown is Unstoppable, Bitcoin to Touch $5,500

The cryptocurrency market has experienced massive losses and the situation continues to threaten many investors. In fact, the losses have already wiped away year-long gains. Veteran traders including Jacob Canfield and Peter Brandt predicted Bitcoin price to be at $5,500 by July 2020.

What price do you guys have for the bottom on this #bitcoin downtrend?

I think we could see $5500 personally as it is the 78.6% from the swing low to swing high, but we may see a bounce or two in between here and there. pic.twitter.com/2TSK8XhecH

— Jacob Canfield (@JacobCanfield) December 17, 2019

The entire digital asset market update earlier yesterday [Wednesday December 18, 2019] reckoned the $20 billion erased from the market in not more than two days. The damages are, as a matter of fact, an extension of the selloff, which happened on December 16. Before the losses, Bitcoin and other cryptocurrencies faced prevalent rally over the past weekend. For instance, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) were trading above $7,200 ($131.581 bln), $144 ($15.786 bln) and $0.217 ($9.539 bln) respectively. Yesterday's High / Low for BTC was at $7,324.98 USD /$6,540.05 USD resp.

BTC/USD Price Analysis

However, at the time of writing, the world’s oldest cryptocurrency, Bitcoin ( BTC/USD), is changing hands in the green at around $7,163 (7.51%) with a market cap (MC) of $129.71 billion and trading volume of $33.48 bln. In just 24 hours, Bitcoin has gained over $8 billion. For over a decade now, BTC has continued to lead the cryptocurrency market and it is currently dominating with 68.3%. 

Yesterday’s (24 hours ago) total market cap for over 4,900 cryptocurrencies in more than 20,300 markets across the globe, was standing at around $178.315B, and the total daily trading volume was at $86.864B. A week ago, the entire MC was at around $198.642B and the daily trading volume was at $59.146bln. That means that in just 7 days, basing on yesterday’s price, cryptocurrency market managed to shrink by over 10% (which is a significant loss of $20.327bln). However, currently, the entire MC is at over $189.872 billion and trading volume is at $107.596 billion. Meaning that (in just 24 hours), the entire market has gained by over $11 billion.

ETH/USD and XRP/USD Price Analysis

Still, on December 18, 2019, it was not only Bitcoin that faced a carnage, all the top 50 cryptocurrencies were trading in red except a few digital assets including MINDOL (MIN), HedgeTrade (HEDG), Holo (HOT) and THETA (THETA).

Ethereum and Ripple, the best rivals of BTC, were also dancing in mud. In 24 hours back, the price of ETH/USD was standing at $123.87 (-6.71%), with a MC of $13.5 billion and volume of $10.45B, and XRP/USD was at $0.184166 (-7.25%), with a MC of $7.98bln and volume of $1.97bln, according to data from coinmarketcap. But as we talk now, Ethereum and Ripple are trading at $127.78 (3.51 percent) with a market cap of $13.92B, and $0.188044 (2.09 percent) with a MC of $8.14 billion, respectively.