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Is Bitcoin done crashing? Have we seen bottom today?
26 November 2018, 07:09 | Kelvin Horton
NewsPrice AnalysisXRP Price XRP Price Heads to $0.4 as Bulls Finally Retake Control
By JP Buntinx
Earlier this year, Anthony Pompliano, noted investor and Bitcoin proponent, altered his prediction from the beginning of the year to state that Bitcoin may go as low as $3,000 - but he is still highly optimistic and believes that bear markets help weed out investors who have simply jumped on the bandwagon.
The sharp fall means bitcoin is on track to see its largest weekly drop since April 2013, when prices fell nearly 45 per cent. It recouped most of the losses by 7:50 am but remains in the red. The decline is getting worse, and many wonder if there is still hope for the digital currencies.
After weeks of stability and very little volatility, Bitcoin has been on a free fall in the past two weeks.
While many blamed the crash on the split on Bitcoin Cash network, the issue on the network has been resolved, but the plunge still continues. Then we saw it drop below $4k for the first time since September 2017, all the way down to its intraday low at $3,466. That means bitcoin has lost almost a third of its value in seven days, one of its worst weekly selloffs on record. One XRP is trading for $0.34 per coin and ripple'smarket capitalization is $13.9 billion. Again the top currency pair with bitcoin cash today is ethereum (ETH), capturing 38.2% of today's BCH trades. Some traders are betting a reversal is coming, but others anticipate more losses. However, when valued against the U.S dollar, nearly all coins in the market are bearing losses.
It would seem that Bitcoin (along with the over 2,000 indexed Cryptocurrencies) is losing its allure. It is accompanied by Stellar Lumens, Cardano (ADA), and Monero [XMR].
Bitcoin Cash, on the other hand, is now trading for $171.25 with a total decline of 17.16% in the 24-hour time frame, while the 7-day comparison shows a decline of 55.28%.
The decline in the value of digital currencies has also affected the market cap of the entire crypto market. BCH prices pumped over 20 percent in the days leading up to the fork, creating a mild resurgence in the broader crypto markets.
Litecoin slid by 9.86% on Saturday, reversing Friday's 1.15% gain with interest, to end the day at $28.6, marking its first visit to the $20s since mid-June of past year. The California-based chipmaker has lost almost half its value since the start of October, 2018, as demand for its cryptocurrency mining chips collapsed and results in its gaming division disappointed.
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