Cryptocurrency market update: Market miserably grinds towards 2018 lows, Bitcoin not spared

The old adage says that silent waters run deep. This saying befits the situation in the cryptocurrency market at the moment. A recent article published by Bloomberg suggests that waiting for a bullish break in the near future is similar to hoping against hope. The indications from Bloomberg’s index tracking tool show that the legacy cryptos are poised for more declines.

According to the Galaxy Crypto Index, the market has retreated to an entirely new bearish trend alongside the related Bollinger Bands. The Bollinger Bands’ gap has narrowed considerably compared to January 2018. This trend can be translated to mean that the market volatility has reduced by a big margin. Similarly, the same trend is reflected in the chart of Bitcoin (BTC). It important to note that Bitcoin claims 30 percent of the Galaxy Crypto Index.

The crypto index tool shows a drop of 4.6% from the highs trade in September. In addition to that, the three largest cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) which together they form three-quarters of the 9-member index have dropped drastically in the same period. In general, the larger crypto market has recorded losses of over $600 billion from the all-time high (ATH) at the beginning of the year.

Read more on Bitcoin price analysis here.