Crypto market-cap dips below $300 billion as doom and gloom continues

[bbc.reporter]

I posted another bearish article 1 month ago which made some people here annoyed, because according to them, those Wall Street analysts are biased against the cryptospace, are not cryptocoin traders and know only about forex, commodities and stocks, and that technical analysis does not work in bitcoin plus all sorts of silly reasons.

But now that the bear market has fully established itself, do you agree with them now? The joke is on us, I reckon.



he total value of digital currencies fell below $300 billion overnight as more broad-based selling pushed some major digital currencies to multimonth lows.

The No. 1 digital currency, bitcoin BTCUSD, -2.43%  spent most of Tuesday trading below $8,000, nearing long-term support, which will have the eye of many traders. Bitcoin was last traded at $7,882.64, down 3.1% on the day.

“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda.

“After steadying we are not seeing the same optimism as before and the path of least resistance is lower not higher.”

Tuesday marks bitcoin’s sixth losing day in the last seven as the mid-March rally continues to unwind.

The fall in bitcoin has wiped out many short- and long-term support levels. In addition, each relief rally has met resistance at key moving averages. The current selloff has bitcoin is nearing a further long-term trendline that, if broken, could leave it vulnerable for to retest the Feb. 6 lower under $6,000.

Source https://www.marketwatch.com/story/crypto-market-cap-dips-below-300-billion-as-bitcoin-nears-long-term-support-2018-03-27

[bobo012]

It took me a while to acknowledge myself we are in a bear trend, but hey i have seen it before. Longterm, and i mean about 5 years from now i see a bright future. We will see how the triangle will play out now in April, breaking up or down. News about lightning network being embraced and ETF would sure help us.

[Don Pedro Dinero]

Yes, we are in a bear market, but I don’t care. I watch other people crying while I yawn.

[Coffee135]

Now it is too early to draw conclusions. Bitcoin is still popular. Now bitcoin prices are relatively stable and therefore speculators brought part of the capital. They are attracted by volatility. But bitcoin continues to be traded on stock exchanges in large volumes. Soon we will see a big price increase. I'm sure of it.

[hase0278]

Now it is too early to draw conclusions. Bitcoin is still popular. Now bitcoin prices are relatively stable and therefore speculators brought part of the capital. They are attracted by volatility. But bitcoin continues to be traded on stock exchanges in large volumes. Soon we will see a big price increase. I'm sure of it.

Don't always be optimistic as sometimes it can lead you to loss of money. What made you think we will soon see a big price increase? I don't see any news or rumors that are soon to be fact that will drive bitcoin to new all time highs and big bullish movements and even if I do, I only see it correcting later on. It is just the right time to draw conclusions now because if not, you will see the real conclusion even before you make a speculative one.

[grimesrhymes]

It's quite clear we are in a bearish period but I think half the issue is that everyone has a strong expectation one way or the other. It's either that we will be back to the ATH in a month or that we will go down to $2000. It's entirely possible we remain in the region of 7-9k for some months and that really wouldn't be the worst of things.

[ar-Ray]

I posted another bearish article 1 month ago which made some people here annoyed, because according to them, those Wall Street analysts are biased against the cryptospace, are not cryptocoin traders and know only about forex, commodities and stocks, and that technical analysis does not work in bitcoin plus all sorts of silly reasons.

But now that the bear market has fully established itself, do you agree with them now? The joke is on us, I reckon.

https://ei.marketwatch.com/Multimedia/2018/03/27/Photos/NS/MW-GG293_BTC_03_20180327075202_NS.png

he total value of digital currencies fell below $300 billion overnight as more broad-based selling pushed some major digital currencies to multimonth lows.

The No. 1 digital currency, bitcoin BTCUSD, -2.43%  spent most of Tuesday trading below $8,000, nearing long-term support, which will have the eye of many traders. Bitcoin was last traded at $7,882.64, down 3.1% on the day.

“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda.

“After steadying we are not seeing the same optimism as before and the path of least resistance is lower not higher.”

Tuesday marks bitcoin’s sixth losing day in the last seven as the mid-March rally continues to unwind.

The fall in bitcoin has wiped out many short- and long-term support levels. In addition, each relief rally has met resistance at key moving averages. The current selloff has bitcoin is nearing a further long-term trendline that, if broken, could leave it vulnerable for to retest the Feb. 6 lower under $6,000.

Source https://www.marketwatch.com/story/crypto-market-cap-dips-below-300-billion-as-bitcoin-nears-long-term-support-2018-03-27

bbc, fox and any other major media of course are biased, not only in relation to cryptos, but in every thing. I think it is a shame to work for those fascist entities.

[airdagon]

Yes, we are in a bear market, but I don’t care. I watch other people crying while I yawn.

yes, we will see, how far this bear market will survive ROTFL
before the bull market comes in, there will be a lot of additions in the list of people panicking. I will continue to hold back and will not panic, until the price I expect comes and will benefit.

[gentlemand]

I suppose total market cap makes for a more fun narrative but if I were being professional about it I'd at least divide them up a bit. Market cap for Bitcoin is illusory enough, most of the other shite out there is pure hot air on a one way trip to zilch.

[surfinonmyownwavebaby]

Yes, we are in a bear market, but I don’t care. I watch other people crying while I yawn.

Sounds like you used good management and protected yourself against the swings. Well done and I have as well, it will be interesting how many people squirm and sell bottoms in the coming months if we are in fact in a bear market.

[1Referee]

It all depends on how you look at the market. If you pay attention to what has happened after reaching the speculative peak last year, then technically one could say that we experience somewhat of a bear market right now. I personally am only focused on the longer term picture, and thus don't consider current market to be anything even close to bearish.

It's pretty obvious that when the price increases to such insane levels, it's purely the result of hype and speculation, and let these be aspects of a market that aren't sustainable when their momentum is no longer there. The market is resetting itself, and that's a normal and healthy move, even though people might not consider it to be that. What goes up hard, comes down hard, that's a very simple but yet truthful saying that perfectly applies to current market. Seriously, what justified the price to shoot up that hard? Exchanges even in current time don't manage to serve their users, which means that we have a long way to go. This ecosystem BY FAR didn't reflect the price of last year, and not even the $10,000 levels from a few weeks back.

[bbc.reporter]

I respect all your comments, and it appears that some of us still cannot accept the bearish sentiment that started on January. That is ok, we are human and we make mistakes. But what gives me unease is if we are stuck in a state of denial, then it may indicate that the market might still go down.

[Herbert2020]

they are biased, even if some article they wrote were to come true partly or fully.

“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda.

and this is the biggest problem that i see with these articles. they talk about the whole market at the same time as if it is really the same! well, it is NOT. it is very different.
altcoins are getting dumped and people have been exiting for a while now, they are running away and trying to get buried under the dump. so even the volume has dropped significantly in altcoin market and recently we are seeing the newbies are also exiting because some of them are waking up.
but things are still different for bitcoin, the volume is where it should be. people compare it with the time when price was going from $10k to $20k in less than a month and think now it is low because it is lower than that time. but in reality it is still pretty high considering the circumstances. and only those who had high hopes of getting rich overnight are "withdrawing their capital" from bitcoin. the rest are still pretty much in the market still.

[arpon11]

The trend has provide a way that we may interpret what is happening now and making an inform decision about the position of things and when to buy or sell bitcoin. Bitcoin dominated the crypto currencies market and as such we can used it to interpret the market. This bearish market is reall and I think it is almost coming to an end.

[magneto]

I admit that initially in January I thought that it was just going to be another recovery, and the bull market wasn't yet over. But by this month I'm definitely convinced that we are in a bear market. That is to be expected, though. I have always expected this to happen, but frankly who is able to predict if the next rebound was going to come or not. You just have to be prepared for all scenarios.

Based on the current bearish trend, if we do not break out above $9-10k soon, we'll probably going to go under $6k which was the low this January. Surprisingly that figure has not been broken yet. I expect the market cap to bottom out at around $150 billion total and BTC should bottom at $3-4k.

Bear markets aren't all doom and gloom, though. That's what the wall street analysts are failing to address. You can make a ton of profit if you buy in a bear market, have the patience to wait for the rally, and sell then. The prices are way cheaper to accumulate for the long term now compared to last year, but people aren't buying at all. That's the difference.

[LFC_Bitcoin]

It took me a while to acknowledge myself we are in a bear trend, but hey i have seen it before. Longterm, and i mean about 5 years from now i see a bright future. We will see how the triangle will play out now in April, breaking up or down. News about lightning network being embraced and ETF would sure help us.

Yeah I didn’t want to come to terms with it either, it’s not nice as a HODLER to see your portfolio value be slashed in half & more but we will recover. Everybody just needs to be patient, like you said we’ve seen it all & been here before.

[krauzzer02]

Let's see those faces from people who sold their bitcoin after this bear market season, not gonna deny the crash makes most of our portfolios halves from the initial profit that we've invested most of the cryptocurrencies took their own damage by the domino effect made by the bitcoins dump, let's wait for those weak handed to panic and cash out, flushing out all of the easy money wannabes making all those enthusiasts to be the last stand from holding their coins, the true earnings comes from holding it is proven for so many years with bitcoin.

[Saidmod]

It continues now i saw that it is very near to death cross of Ema indicator which is very critical if it continues to cross now that investors are pulling out the msrketcap much decrease and red candle starts. Im not spreading any Fud but that is what i have seen from my own T.A. Probably a long bearish is waiting to bitcoins if it happens.

[followmenot]

I still think there is too much demand for bitcoin to experience long bear markets. We love to hear good news anyways so this is the best thing I can at least say. We all wish to see all these market will recover..

[UnDerDoG81]

Three Diggits coming soon, holding through