2018-11-24 22:00 |
The Black Friday has reached the virtual currency market. Bitcoin (BTC), Ethereum (ETH) and other virtual currencies are being traded between 5% to 10% lower than 24 hours ago. Bitcoin can be purchased under $4,300 and Ethereum under $125 dollars. XRP is getting close to $0.4 dollars per coin.
Cryptocurrencies are experiencing a bear market that started at the beginning of the year. However, since November 14, Bitcoin and other digital assets experienced another drop that continues until today.
One of the reasons behind this situation is related to the hard fork that took place on the Bitcoin Cash (BCH) network. Since that moment, November 15, the market has also experienced an increased selling pressure, making Bitcoin and other cryptos plummet to the lowest levels in more than a year.
Since Bitcoin’s all-time high in December 2017, the popular virtual currency has lost almost 80% of its price. There are some experts that believe that Bitcoin can fall even further in the near future. Bitcoin could test $3,500 or even $1,500. According to analysts at Bloomberg Intelligence, Bitcoin could keep falling in the coming weeks. If Bitcoin reaches $1,500 dollars, that would be a correction of 92.5% since it reached its highest point.
Ethereum has lost more than 90% of its value since the beginning of the year. However, if Bitcoin continues to fall it might see prices close to $100 dollars. In the last 24 hours, Ethereum lost 6% of its value compared to Bitcoin close to 3.7%.
XRP, the second largest virtual currency has also lost 5% during the last 24 hours. This virtual currency has a market capitalization of $16.87 billion dollars, $3.82 billion more than Ethereum. Bitcoin remains as the indisputable leader with a market capitalization of $76.15 billion dollars.
The cryptocurrency market capitalization is currently $139 billion dollars, the same as it had more than a year ago in September 2017. As mentioned before, one of the main catalysts for this price drops might be related to Bitcoin Cash’s hard fork. There is a hash war between Bitcoin Cash networks that might require both sides to spend a lot of money in order to sustain their operations.
However, the U.S. Securities and Exchange Commission (SEC) has recently announed enforcement actions against two Initial Coin Offerings (ICO). In the future, new rules could affect the whole market and crypto space.
Another issue could be related to the fact that the Intercontinental Exchange (ICE) has delayed the launching of its Bakkt platform for more than a month. This platform would allow new wealthy and traditional investors to have access to virtual currencies and to the crypto market.
However, there are some positive things for the future that would allow Bitcoin and other virtual currencies to start growing again. According to Sonny Singh, Bitpay Chief Commercial Officer, Bitcoin could reach between $15,000 and $20,000 dollars.
Nevertheless, in order for the market to grow, he said that new products will have to see the light for the price to start moving upwards. We are talking about Fidelity Investments launching a platform for institutional investors, Goldman Sachs getting involved in the market, the SEC finally approving a Bitcoin ETF and the so-awaited Bakkt platform.
If this does not happen, Singh said that the market will not have a clear direction where to go.
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