As hinted at in a previous Ethereum World News report, the past few hours have been dismal for the broader cryptocurrency market. The aggregate value of all digital assets has fallen from $121 billion to $115 billion in a few hours’ time, as Bitcoin bulls lose traction to the seeming copious amount of bears pressuring BTC lower. With this move, the flagship cryptocurrency has come to retest the $3,500 price point, a level of interest in the eyes of analysts. Interestingly, BTC has yet to near its $3,150 yearly low, established in mid-December.
Altcoins aren’t faring much better. In fact, alternative crypto assets have posted more extreme losses than Bitcoin, down 2.3% in the past 24 hours. Per data from Live Coin Watch (seen below), most notable altcoins, save for Tether (USDT) has underperformed BTC substantially. XRP, Ethereum, EOS, and Litecoin have all posted losses in the 4% to 5% range, while other assets, like Tron, have found themselves down by nearly double-digit percentage points.