After a year of falling market and after witnessing the worst month since its introduction, ( in December 2018), the new year seemed to be a bit better and was showing some signs of recovery too. The positive development was in progress until mid-January (2019) and the market recovered by almost forty percent.
However, the positive trend could not last for a long time. The market took a deep dive causing it a loss of around $16 billion in two days and throwing the market to the lowest level again. Over one single month market lost 8.6% forcing to cross just a little more than $115 billion (total market capitalizations).
The leading cryptocurrency in the cryptomarket across the world, Bitcoin, was at one point stuck at a resistance of $4,000 and it somehow could not manage to cross it; hence, further losses were predicted in its case. It was not at all surprising for the market when Bitcoin dived deep reaching a resistance stage of $3,600. As if this was not worsting enough, the currency went even lower at the end of the month reaching $ 3,440; which means it was 8% down.
Litecoin (LTC) is one of a few cryptocurrencies (in the market at present) that reached the end of January with a higher value as compared to the value with which it began. LTC made 3% only, but, it was sufficient to keep it above water while those around it were sinking. Litecoin was at $31.60 at the end of the last month, and it was subsequently going to reach a monthly high of $40.
Tron was showing a positive graph at the beginning of January with $0.019 at the commencement and closure at $0.026. The BitTorrent’s new token introduction and related airdrops in the numbers of TRX holders are the essential factors in Tron’s execution and great 37% increase throughout the month.
Binance Coin also reached the end of January month hardly higher than it began. BNB was down by $6 on New Year’s day, however, it reached the month end by gaining 3% higher value and hence helping it to send coins like Monero and Iota on a twelfth position.
Ethereum’s descending trend got even steeper in January as the eagerly anticipated Constantinople hard fork was postponed. ETH got shrunk again by losing 20% over the period of the month and ending at $107 after crossing $160 every week since the beginning of the new year.
Losses incurred by XRP were lesser, which indirectly helped the Ripple token to overcome Ethereum and get the second spot in the market. Beginning at $0.355 XRP reached January end having 12% lower value (at $0.311). It made two efforts at recovery however the traders were simply too rigid to even think about maintaining them.
EOS withdrew by 10% in January as it came down from $2.57 to $2.32. The positive news, however, is that EOS climbed to fourth in the market. Both Tether and EOS have flipped Bitcoin Cash which witnessed an incredible fall of 30% in January by reaching the worth of $115.
Stellar had to face a rough time in January as it fell by 26%. The SDF gained a stronger ground, but it couldn’t avoid XLM from falling to ninth place in the market and reaching a new low of 15 months, by ending the month of January with a worth of $0.083. Bitcoin SV appears to get vanished as fast as it was introduced. The offshoot of BCH dumped 28% in January, at a small value of $64, after beginning at $90.
If we look at the altcoins, Cardano, which has lost pretty much consistently over the previous year, fell again by 6%, just like Monero. IOTA got destroyed in January when it got reduced by 27% and going two more positions down in the market. Dash got reduced with 14%.
NEM, which is witnessing a significant financing loss, has come further lower by 33% in the month of January. Zcash is an asset one can not overlook while talking about performances in this year. Zcash shed 12%.