January 11 started with all the cryptocurrencies in the market pained in red. This came across as a blow to several investors in the cryptocurrency market as most of the coins were showing a massive growth. Additionally, all the coins plummeted in the market within a matter of minutes. This includes a majority of the cryptocurrencies in the market, with some plunging by double digits.
Coins such as Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and XRP also witnessed a massive drop in their price due to the bear’s attack. Additionally, Ethereum lost its second position to XRP, days after regaining it.
According to CoinMarketCap, at press time, Bitcoin was trading at $3816.69, with a market cap of $66.69 billion. The cryptocurrency has a trading volume of $6.33 billion and has plunged by over 5% in the past 24 hours.
However, as the value of the cryptocurrency has taken a sudden downward trend, the number of daily transactions of Bitcoin has taken an upward trend. On January 9, 2019, the cryptocurrency recorded its highest confirmed transactions since the past one-year. Here, confirmed transactions refers to the number of transactions that have been confirmed on the Bitcoin blockchain.
Bitcoin daily confirmed transaction | Source: Blockchain
Amoebanomaly, a Redditor, said:
“Looks promising! However, I doubt I am the only one who is reluctant to buy after the massive sudden drop from 6k”
To which, Robby16, said:
“Yeah tough one. You have technical analysis saying BTC might bottom at around 2000 – 2500 and you have fundamental analysis indicating that the ETF will most likely get denied because USA Government shutdown and bakkt most likely will be delayed for a while for the same reason. All the indicators are showing that the market is gonna keep dumping.”
He further said:
That being said, everyone thinks it’s going to dump so the opposite usually happens. 95% of traders miss the bottom. We could have hit the bottom already. Fuck this shit just rob the banks”
Cr0ft, another Redditor said:
“If they were near the peak, the transaction fees would be $50 again, and the wait time for transactions back to days. Bitcoin still isn’t capable of handling any kind of real load. Lightning Network is a far-away pipe dream, assuming it can even be made to work. Spiking transaction count is scary in this case, not positive. We already know Bitcoin can’t handle it.”
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