Cryptocurrency Markets Bleeding – Double Digits Losses Across the Board

The grinch is in town. What started off as a bullish Christmas eve has turned into quite a bearish Christmas day. What we just experienced is a textbook bull trap. Let’s talk about it.

They say a picture is worth a thousand words, that’s why one look at Bitgur’s cryptocurrency heat map is all you need to see exactly what’s going on:

crypto heat map
Source: Bitgur

As you can see, double digit losses across the board. BTC is down 10%, XRP down 13%, ETH down 13%, EOS down 14%. Quite a depressing sight but not one that should be taken to heart. While these losses seem bad, they simply erase Monday’s gains.

The good news is, it looks like the bleeding has stopped and the crypto market is stabilizing at the current levels. The global cryptocurrency market cap at the time of writing is at a relatively healthy $128 billion. Unfortunately, it did drop quite significantly in the past 24 hours – erasing over $18 billion. Because of how volatile the markets are, if any family members ask you at the dinner table what you think Bitcoin will do in 2019, explain it like this:

If the bulls are gone for Christmas, there is still hope for another push around New Year. Looking at past market actions, cryptocurrency usually experienced some sort of positive momentum around the New Year. History doesn’t repeat itself but it often rhymes.

Top Recent Crypto News

Let’s take a look at the top relevant cryptocurrency news – in tweets.

Ethereum Co-Founder Joseph Lubin Called the bottom of 2018 on December 21st.

Ethereum to start competing with XRP with the launch of Raiden Network’s “Red Eyes.”

Western Union partners with Ripple Labs.

Binance lists XRP as a base currency.

Tron reached 1 Million users. announces a BCH prediction market called Oracle.

Christmas isn’t over quite yet and the holiday spirit might come back. As the market is at a standstill anything is possible moving forward. Do not dismiss another bull run as we get closer to the New Year. Keep a close eye on the overall marketcap as that is a great indicator of what’s to come ahead.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.


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