Crypto Market Continues to Bleed as BTC Price Hovers Around $4,000

Bitcoin falls further below $4 000; crypto continues plunge

Bitcoin falls further below $4 000; crypto continues plunge

Currently, the BTC price is resting at a fourteen-month low which is not seen since September past year and it is down by a massive thirty percent in just the last couple of days.

Notably, since XRP began its market share uptick on November 15, the broader cryptocurrency market has witnessed a significant sell-off, losing almost $90 billion and 40 percent of its total market capitalization to date. The price of bitcoin over the past seven years has increased by 12 500%.

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As Bitcoin spirals to new 2018 lows and drags the enitre cryptocurrency market down with it, investors and analysts are becoming increasingly interested in the factors that could be contributing to this drop that extends further than simply a lack of buying volume and increased selling pressure.

Innes said his base-case forecast is for Bitcoin, which turns 10 this year, to trade between $3,500 and $6,500 in the short term, with the potential to fall to $2,500 by January. He expects the price of BTC to rise in 2019 because of the increasing demand for and the decreasing supply of Bitcoin. Similar to the earlier split of BTC and BCH, both coin communities and developers wanted to claim the "official" title of Bitcoin Cash, thereby holding sway over the majority of investor interest and brand appeal. The Altcoins yet continue to be the worst performer with all the top twenty digital currencies experiencing double-digit losses.

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"Through 2017 all of the buyers were retail - as the price is drawing down you're starting to see institutional investors come in", he said. However, the profitability of cryptocurrency mining depends on the market value of the currency as well as the cost of electricity. The buyers tried to push the price back above that big level a few hours ago, but they failed to hold the price above it and it slipped back below the $4,000 level.

Amid bitcoin's crash, some in the cryptocurrency market have fled to the perceived safety of stable coins, which are cryptocurrencies pegged to a comparatively stable asset, like the US dollar. ETH price now is trading at $110 and is down by 9.32 percent with a market capitalization of $11 billion. Debut of Crypto ETP in swizz Six exchange failed to have any major impact on price action of legacy crypto currencies which made up a majority of the ETP.

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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). As the crypto bloodbath continues many people are asking if this period is different and if the BTC price will ever recover.

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