As we have been reporting, the crypto market has wiped out billions. After initially stalling during the weekend, the bloodbath has entered a new week. Last week saw the market, led by Bitcoin, shed around 10 to 20 percent of its price. During the weekend, there was relative stability and many thought this gave the assets time to recuperate and start the week strong. This has failed and prices have continued to plummet in the wake of a new week.

The latest drop has seen Bitcoin break below the $6,800 support. Luckily, the drop has been temporary and recovery has seen prices get back above it. The bulls are at the time of writing this struggling to keep Bitcoin above this crucial support to <a href="http://c.newsnow.co.uk/A/1010019824?-31421:27391">avoid further losses in the days to come</a>.

The rest of the crypto market has followed in the same steps as Bitcoin with many losing 3% to 10% at the time of press. The two most popular altcoins, Ethereum and XRP, have breached crucial supports. Ethereum has fallen below $145, crucial support and which could lead to prices retesting the $130 region. XRP, on the other hand, has fallen to $0.21 and is fighting not to fall below $0.20. If this is breached, it could trigger a wider sell-off and bigger losses.

As we reported last week, the ongoing crypto <a href="https://www.cryptoknowmics.com/news/are-miners-the-reason-for-latest-bitcoin-plummet-mining-cost-rises-to-8000">market sell-off was likely triggered by miners</a>. With mining difficulty adjustment meaning hire costs of mining. This will in the months to come push out some miners and mean losses for others if prices do not rise and compensate for the high rise in mining cost. If this is the case, it also means that the bearish phase is far from over.
<h3>Crypto Market Likely To End The Year Bearish</h3>
Interestingly, Bitcoin dominance shows that investors are still bullish on Bitcoin more than altcoins. A price crash like seen in the last few days was expected to see Bitcoin dominance fall as investors jumped into altcoins. This has not been the case. Most investors have stuck to Bitcoin and its dominance remains above 65%. This is a sign that the altseason is still far off and many investors are still believing in Bitcoin more than other coins.

In the days to come, the bulls will need to dig deep if the year is to count as a success and digital assets end it on the highs witnessed a few months ago.

Crypto Market Bloodbath Enters New Week, BTC Hits Lowest Position Since May

The crypto market has been struggling for the last couple of days. This is set continue in the new week as Bitcoin leads it to futher losses today.

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Crypto Market Bloodbath Enters New Week, BTC Hits Lowest Position Since May

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