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How Low Can It Go? Bitcoin Settles Below $5,600 as Altcoins Continue to Drop

Following yesterdays widespread and significant drop across the entire cryptocurrency markets, Bitcoin has settled below $5,600, the lowest price it has seen this year, and many altcoins have continued dropping.

At the time of writing, Bitcoin is trading down over 8% at its current price of $5,560, recovering slightly from its low point of $5,350, which as of now is BTCs lowest price of the year. Bitcoins massive drop over the past couple of days has caused its market cap to fall below $100 billion to its current levels of nearly $97 million.

Following the drop, trading volume has continued rising, likely signaling that further volatility could be on the way. Prior to dropping yesterday, Bitcoins trading volume was stable around $4.4 billion, but it has since nearly doubled to its current levels of approximately $8.7 billion.

Altcoins Continue Falling

Bitcoins drop has led to significant declines amongst the altcoin markets, with many coins trading down nearly 20% yesterday.

At the time of writing, XRP is one of todays best performing altcoins, currently trading up nearly 1% over a 24-hour trading period, with its current price showing relative stability at nearly $0.47.

The recent drop has led XRP to lows of $0.43, from which it has recovered. XRPs good performance despite the drop has allowed it to claim the coveted number two spotin the crypto markets from Ethereum (ETH), which is currently behind XRPs market cap by approximately $300 million.

Bitcoin Cash (BCH), is currently trading down over 5% at its current price of $430 despite todays hard fork event. Clearly, investors are not that interested in the units resulting from this hard fork, as its price has been crashing ever since it reached highs of $635 in early-November.

Donald Bullers, the North American representative for Elastos, a blockchain-based security service, explained that BCHs hard fork event may be partially to blame for the crypto markets poor performance, saying to MarketWatchthat:

“Price volatility is not unusual in the crypto landscapehowever, [Wednesdays] dip is significant enough to prompt industry players to stop and take stock of the reasons why. Its safe to say that Bitcoin Cashs upcoming hard fork was stirring uncertainty amongst crypto investors, and forecasters across crypto and traditional markets alike have predicted a prolonged bear market heading into 2019.”

Brian Kelly, cryptocurrency enthusiast and analyst, expressed a similar sentiment while speaking on CNBCs Fast Money, saying:

“When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a crypto civil war.

Kelly further added that downward spirals tend to perpetuate themselves.

“People started selling. That triggered stops. Everybody got concerned. And that’s what happened today the entire market sell-down,” he said.

It is likely that the recent market carnage has significantly hampered the chances of an end-of-year rally, and the persisting bear market may continue well into 2019.

Related Reading:Tumultuous Crypto Market: Bitcoin Market Cap Finds YTD Low Under $100 Billion


Featured image from Shutterstock.

The post How Low Can It Go? Bitcoin Settles Below $5,600 as Altcoins Continue to Drop appeared first on NewsBTC.

15.11.2018 / 10:31 22
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