Bitcoin Breaks the $4000 Level As the Downtrend Resumes

27 November, 2018, 15:12 | Author: Mary Valdez
  • Bitcoin falls further below $4 000; crypto continues plunge

He added: "Cyclical price variations are inherent in all cryptocurrencies, and it's only a matter of time before Bitcoin eventually hits a bull run again". The exception was Ripple XRP, which did drop but not as far and has now surpassed Ethereum to become the second-largest cryptocurrency by market capitalization. Referencing his multiple decades of experience in nascent markets, Wilson noted that while the recent performance of crypto assets is "cringe" inducing, investors would be remiss not to step back and breathe in some fresh air. It was the first time since September 2017.

After a dismal few weeks, the cryptocurrency market seems to be on the road to recovery.

A delayed launch of the widely-anticipated bitcoin futures by Bakkt, Intercontinental Exchange's crypto platform to January 2019 did not help matters either, according to Aditya Das, analyst at Brave New Coin, a crypto asset market data company.

Cryptocurrencies just had their worst week ever, and Bitcoin is 82 per cent below its high of US$19,666 nearly a year ago.

Overall, Bitcoin has seen its value drop by large amounts during 2018.

Additionally, the much-awaited release of ICE's Bakkt platform which was scheduled before this year end is now postponed to the end of January next year.

Bitcoin falls further below $4 000; crypto continues plunge
Bitcoin drops below $4000 as the crypto market takes another hefty beatingNaija247news

Bitcoin Atom (BCA) traded down 10.2% against the dollar and now trades at $0.17 or 0.00004519 BTC. Known as "China's Bitcoin billionaire" he owns a substantial stake in Bitfinex, a high volume cryptocurrency exchange used by professional and experienced traders. The price needs to move and stabilize above $120 market for any sort of positive outlook to be seen in market. Litecoin [LTC] is now leading gains among the top 10 coins. A bearish movement may continue as 50-day EMA is over 21-day EMA which are well separated while the Bitcoin price is below the two EMAs.

It's price when particularly dropped to $3,667.92 represented a loss of 15.5% and its lowest in the last 24 hours.

The current crypto market downfall has made a huge impact on the operations of the crypto miners.

His remarks are reminiscent of Roger Ver, a vocal and influential supporter the Bitcoin Cash [BCH] who once claimed that Bitcoin Cash was the real Bitcoin much to the annoyance of Bitcoin core proponents.

In fact, the dominance rate for XRP, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the cryptocurrency, reached a 45-week high of on 12.74 on November 20 (it has since retreated slightly to just above 11 percent).

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