Yesterday, Altcoin Buzz reported that the bitcoin price reached a new 2019 high after surging passed $5,400. Not even 24 hours later, however, Bitcoin suddenly slumped and felt back to its new support level at $5,000.
Many major cryptocurrencies are seeing significant losses today after Bitcoin suddenly fell back to its psychological support at $5,000, With that, after some impressive growth over the last week and a half, many cryptocurrencies are now deep in the red.
The overall crypto market decreased by $16 billion over the past 24 hours, ending the rise that Bitcoin and most altcoins have seen over the last 2 weeks. Bitcoin dropped by almost 5%, now finally stabilizing at $5,000.
With Bitcoin dropping, most large cap cryptocurrencies are seeing significant losses. Ethereum, XRP, Stellar, and Cardano, for instance, are all experiencing a 7-8% decline. Litecoin, EOS and TRON are doing even worse, seeing their value decrease by 10-13% over the last few hours of trading.
Over the next 48 hours, it has to be seen if Bitcoin can hold its support at $5,000. If not, a further decline to $4,700, and after that $4,400 and $4,200 is in the cards.