On Sunday, another collapse of the crypto market began, during which the prices of most coins fell by 15-20%. Bitcoin has broken the $ 3,750 mark, hitting its lowest level in the last 420 days. However, analysts still point to the continued bear market and talk about the possibility of a decline to $ 3000..
At the time of this writing, BTC is trading at $ 3,750. Over the past two weeks, the crypto market is experiencing its third major collapse. During this period, its capitalization fell from $ 210 to $ 120 billion, and the price of bitcoin decreased by 43%. As a result of the latest fall, the digital gold rate has dropped 80% from last year’s high of about $ 20 thousand..
Most of the alcoins followed the flagship and burned a significant portion of their value. Ripple (XRP) this time failed to resist the general trend, as a result, the asset lost 15% of the price, rebounding from the $ 0.34 level. Although Ripple continues to hold the second position in the overall rating, this is no longer particularly pleasing to investors. Ethereum (ETH) fell 14.5% to $ 106. The price of Ethereum is gradually approaching the psychological mark of $ 100, which, together with a decrease in the number of ICOs and unprofitable mining, negatively affects the project as a whole..
Despite such colossal losses of the crypto market, many analysts say that the general downward trend continues. Michael Moreau, CEO of crypto trading company Genesis Trading, believes that by January 2019, the bitcoin rate could reach $ 3,000. According to him, now the market is leaving the participants who were chasing short-term and quick profits, and institutional investors look at the long-term perspective, at least 3 years, and are not subject to panic due to such fluctuations. However, he does not recommend buying virtual currency right now..
Although experts continue to compare the crypto market with the dot-com bubble, they tend to believe that, as in the given analogy, large projects will be able to survive the crisis and achieve success in the future, as is the case with Amazon..
Traders expect big capital infusion from ICE launch of Bakkt platform to change the situation and SEC approval of crypto ETF.
text: Ivan Malichenko, photo: vcchat, dreamrandom
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