Bitcoin slumps further as crypto values fall across the board

Ethereum Technical Analysis Bear to stomp coin to death
Bitcoin slumps further as crypto values fall across the board
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21 November, 2018

Last week, the focus was on Bitcoin Cash (BCH) and the looming hard fork.

Bitcoin has easily breached key psychological support at $5,000 and with it trading at $4,500 the move back to the September 2017 lows at or just below $3,000 looks eminently achievable. Cryptocurrency markets are at $146 Billion from the previous market at $210 billion.

This sudden price correction also led to Ripple (XRP) leapfrogging Ethereum.

Bitcoin has plummeted over 75 percent this year from a peak of $20,000 touched in December as retail investors piled into a one of the largest bubbles in history. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

As well as a general decline in investor confidence in the value of cryptocurrencies, some traders have also blamed the recent drop on fears that a "hard fork" in bitcoin cash, where the smaller coin that split into two separate currencies, could destabilize others.

Bitcoin tumbled by 13.05% on Monday, following on from last week's 12.2% slide, to end the day at $4,920.7.

Bitcoin was followed lower by other major cryptocurrencies, with Coinbase reporting that only nine out of top 100 cryptocurrencies by market capitalization are higher on Monday.

Ethereum one-hour price chart | Source Trading View
Ethereum one-hour price chart | Source Trading View

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc.

A numer of factors are driving prices lower including the contentious Bitcoin Cash fork, the delay of Chinese Bitcoin miner Canaan's IPO and last Friday's SEC release classifying two ICOs as securities. One reason for the XRP to perform well could be the string of major deals by Ripple for its XRP-powered xRapid payment services with several global financial institutions over the last few months.

Ethereum has had rough time after the crypto market crashed on Wednesday.

Jeremy Gardner, a cryptocurrency entrepreneur and a self-made millionaire through his early investments in bitcoin, has faith in the crypto technology.

Furthermore, Bitcoin now has a market capitalization of $92 billion the lowest it has being since the year began.

It marks the original cryptocurrency's lowest price since October 2017, with many analysts suggesting the fall could continue towards Bitcoin halving its value. If you are going to ask eToro Analyst Mati Greenspan, he believes that the "next logical level of support is at $5,000 but if that doesn't hold, the next logical support level isn't until $3,500". The current one-day support is at $4,616.8 with the downtrend bringing the price down in two phases: $8,193-$6,493.4 and $6,493.43 -$4,621.

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