Litecoin, EOS, Bitcoin Cash Become Today's Top Losers as Crypto Market Takes a Hammering

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Fri, 04/12/2019 - 07:03
Alex Dovbnya
🏹Bitcoin and altcoins appeared in a bloodbath after the number one cryptocurrency failed to break above the $5,350 resistance level 💰
Litecoin, EOS, Bitcoin Cash Become Today's Top Losers as Crypto Market Takes a Hammering
Cover image via U.Today
Contents

The cryptocurrency market is navigating a sea of red after Bitcoin lost almost 4 percent in a day, hovering above the $5,000 mark. As expected, the top altcoins tailed the bearish trend that was set by the number one cryptocurrency with Litecoin dipping almost 9 percent.

Litecoin, EOS, Bitcoin Cash Become Today's Top Losers as Crypto Market Takes a Hammering

(CoinMarketCap top 10: the market bears are ruling the roost)

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An expected correction  

After two weeks of positivity, Bitcoin appeared in extremely overbought territory. Now, it is experiencing an expected correction that sent its price back to the $5,000 level. That comes just a day after BTC reached $5,350 on Apr. 10, but the inevitable selling pressure puts the market bears back in charge.

Yet, the fact that Bitcoin appeared in such a predicament is hardly an indicator of another prolonging bearish downtrend. Economist Alex Krüger claims that we shouldn’t expect a pullback to $4000. He would be ‘surprised’ to see the BTC price dropping below the $4,400 level.

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Altcoins follow the lead

Almost all top 50 cryptocurrencies are currently painted in the red after the Bitcoin price hit a snag. Those coins that gained the most during Bitcoin’s recent bullish momentum, such as Litecoin, EOS, and Bitcoin Cash, now see their prices drop dramatically with the former appearing to be the biggest loser among the top 10 altcoins.

Litecoin, EOS, Bitcoin Cash Become Today's Top Losers as Crypto Market Takes a Hammering

(Coin360: Tether, the flagship stablecoin, is the only top cryptocurrency in the green)

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.