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Bitcoin has lost more than 12% of its value over 24 hours
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and is now trading at $ 5,673, a price level that had not been registered since October 2017. In December 2017 a BTC was worth almost $ 20,000. Is this the end of all hope for those who still awaited a resumption of cryptocurrency?
The cryptocurrency sector as a whole seems to follow the wake of the BTC. All the major cryptocurrencies in the top 20 have lost from 9% to 16% of its value in a single day (except for Tether, which is pegged to the USD dollar).
The last time BTC reached similar values was in October 2017
Not only has the entire cryptocurrency market contracted, but it seems to contract at a pace that is even higher than Bitcoin itself. BTC remains the most popular cryptocurrency in the world and dominates 53% of the entire cryptocurrency market. Ethereum and Bitcoin Cash occupy 10% and 4% respectively.
The cryptocurrency market as a whole is sinking
The founder and CEO of BKCM Brian Kelly believes that the fault lies with Bitcoin Cash. The so-called "civil war of cryptocurrencies", which emerged following the hard fork of BCH, has thrown the sector into chaos. As always happens in the cryptocurrency market, technology (or better, technological updates) is upstream of any significant price movement.
"People started selling. This generated a halt. Everyone is worried. And here's what happens today: the whole market is selling off, "says Kelly.
The expert, however, believes that the decline is short-term and should be considered more as an opportunity. Meltem Demirors, in charge of the corporate strategies of CoinShares, advised potential investors in cryptocurrency of the fact that most of the assets are poorly traded (they lack, therefore, a sufficient trading volume) and should therefore be treated with caution.
If Bitcoin continues to lose value it could offer more opportunities for short sale in the future. However, any predictions about the cryptocurrency market must be taken with pliers, since Bitcoin and its younger colleagues have always proven to be highly unstable and volatile and their behavior is difficult to estimate.
This article does not represent an investment advice. Any reference to past movements or price levels is informative and based on external analyzes, we do not provide any guarantee that such movements or levels may reoccur in the future. In accordance with the requirements set by the European Securities and Markets Authority (ESMA), trading with binary and digital options is only available to customers categorized as professional clients.
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Source: IQOption blog 2018-11-15 12:00:02
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