This week, the cryptocurrency market took a full-on downturn towards key support levels on Wednesday after the SEC decided to delay their decision-making on the first Bitcoin ETF.
The biggest loser in the top 100 major cryptocurrencies by market cap was Aeternity (AE) which lost 22%. In top 10, IOTA (MIOTA) was the losers champ with a 17% loss.
There were three, not-so-famous cryptos in top 100 which actually saw minor gains. Those include MOAC, ZClassic, and ODEM, seeing gains somewhere between 1.70% and 0.42%.
For many cryptocurrencies, Wednesday’s lows brought them to their lowest point in 2018, mainly to the levels that were seen right before the crypto craze of 2017 which pushed them into a bubbly surge. IOTA, for example, is fast approaching its pre-bubble average price level of 2017 at around $0.47 at the time of filming. Just like most other cryptos at this point, IOTA/USD is traveling below the daily Ichimoku cloud with all Ichimoku Kinko Hyo’s moving averages including the Tenkan, Kijun and Chiko lines crossing below key levels.
Reaching key, pre-bubble levels could be great news for those who are just getting started in the market, however, you should keep in mind that at this point, diversification and moderation are keys to successful cryptocurrency investing.
