Bitcoin (BTC) has seen practically no change on the day, but the market today was not exactly flat. Bitcoin (BTC) crashed from $3,630 to $3,530 yesterday when news broke that the Ethereum (ETH) Constantinople fork was to be delayed due to a critical security bug. After that, Bitcoin (BTC) steadily rallied to a peak of $3,670 in the morning, before beginning a decline to $3,580 as of this writing.
The suppression of this mini-rally may be due to the monthly Bitcoin futures contract expiring today on CBoE since this month futures traders clearly have been going short, and during a short month, traders generally “bang the close,” meaning they manipulate the market to drop right before futures contracts expire in order to increase their profits. That said, the CME Bitcoin futures contract expiration on Jan. 25 will likely have much more of an impact on Bitcoin’s (BTC) price than the CBoE futures contract expiration today.
Other major cryptocurrencies have followed Bitcoin’s (BTC) lead and have seen practically no change on the day. Ripple (XRP), Bitcoin Cash (BCH), EOS, Stellar (XLM), Litecoin (LTC), Bitcoin SV (BSV), IOTA, Monero (XMR), Dash, and Dogecoin (DOGE) have seen price changes of less than one percent today. Ethereum (ETH) has declined slightly more than one percent, which is surprisingly stable considering the delay of the Constantinople hard fork yesterday.
Several cryptocurrencies are seeing mini-rallies including Tron (TRX) with a two percent increase, Cardano (ADA) with a four percent increase, Binance Coin (BNB) with a three percent increase, and Ethereum Classic (ETC) with a two percent increase. It seems the Ethereum Classic (ETC) market has stabilized despite a major 51 percent double spend attack occurring only a week ago.
The total crypto market cap declined from $122.5 billion to $120 billion when the Ethereum (ETH) Constantinople hard fork was delayed yesterday, but it has since recovered some of that loss with the total crypto market cap currently sitting at $121.5 billion. In the morning, when today’s mini Bitcoin (BTC) rally peaked, the total crypto market cap briefly exceeded $123 billion.
Overall, the crypto market cap is well above the bear market low of $100 billion that was set in mid-December, but it is certainly not out of the woods. Bitcoin (BTC) bear markets often have long periods of stability punctuated by sudden price crashes. It will take a consistent and significant long term rally to declare that the Bitcoin (BTC) and crypto bear market is over.