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Analysis

Bitcoin Ends November With One Of The Worst Monthly Declines In 7 Years

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What a November, right?

This is probably what every trader, analyst and crypto evangelist is thinking after the steep fall of the most dominant cryptocurrency Bitcoin – as reported over the past week on our DC Forecasts Bitcoin news site.

We can safely say that Bitcoin just ended one of its worst-performing months – and the worst performing month in seven years in terms of the month-to-month price declines. Beginning the slide from $6,341, Bitcoin managed to reach a price of $3,964 in only a couple of days – recording a near $2,400 drop in the price and a loss of more than 37% on a monthly basis.

This, according to statistics, is the worst on record price movement since August 2011 when the price of Bitcoin fell from $8 to $4.80 to print a 40% decrease for the month. Since it is the largest cryptocurrency in terms of market capitalization and now comprises about 53.5% of the total market, Bitcoin is followed by every other token and altcoin when it comes to its price performance.

As a result of that, the entire market crashed and suffered substantial losses in November, with just one of the world’s largest 25 cryptocurrencies being able to post a monthly gain. We are talking about Bitcoin SV (BCHSV) which is a fork off the original Bitcoin Cash (BCH) blockchain.

The total cryptocurrency market cap also took a beating this November. At the beginning of the month, it had a valuation of $203 billion. Today, it stands at more than $130 billion, recording a 35% loss.

 

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Analysis

Crypto Winters Could Provide Space For True Believers According To Reddit Co-Founder

The co-founder of Reddit Alexis Ohanian who is also a popular crypto bull, claims that the crypto hype is going away and is creating space for true crypto builders and believers. He spoke for a Yahoo Finance interview that reached our crypto news today. Ohanian explained that the current state of the crypto market is still in a crypto winter phase. He also cited Coinbase CEO Brian Armstrong after he said that the bear market has contributed to eliminating the crypto speculators and that the true believers have stayed and will build a better crypto infrastructure. Co-founder of Reddit also said:
 “Now, it's still to be seen. But what's a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They're building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that's a good thing.”
Ohanian was asked what he believes about the launch of the JPMorgan Chases’ JPMcoin which is a blockchain-based asset aiming to increase settlement efficiency within the operations of the bank itself for which he stressed that that move is just another indication that there is real innovation in the crypto market ongoing and the upcoming release is a good thing. Alexis Ohanian became a multi-millionaire in 2006 after he sold Reddit with the second co-founder Steve Huffman and he is also a co-founder of a venture capital firm Initialized Capital. Back in July last year, he predicted that Bitcoin and Ethereum will reach up to $20,000 and $1,500.
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Analysis

Report Shows That Stablecoins Will Play A Key Role In Mainstream Crypto Adoption

California-based stablecoin Startup Reserve completed their report which states that stablecoins will play a key role in the mainstream adoption of cryptocurrencies and technology which is why we read into it some more in today’s blockchain news. ‘’The State of Stablecoins 2019: Hype Vs. Reality in the Race for Stable, Global, Digital Money’’ is the title of the report which is based on the information that was collected for more than 40 crypto stablecoins companies. The author of the report George Samman was initially commissioned to research the landscape and then write the report that will serve the industry to learn something new. The study analyzes some of the key features of the stablecoins which according to the author, will lead to mass adoption:
 “The development of stablecoins, price-stable cryptocurrencies, asset-backed cryptocurrencies etc. is likely to play a critical role in how this new economy achieves mainstream adoption.”
Also, according to the authors, some of the developing countries that battle hyperinflation will be the first to embrace stablecoins because they promise a multi-trillion dollar marketplace. The potential role of some major companies such as Facebook is described in the report; explain that last year the social media giant stated they consider the launch of stablecoins for WhatsApp users. In the near future, it is expected for the US dollar to be the most tokenized liquid asset in the crypto market. However, the report notes that if the stablecoins are pegged to the dollar it could eventually increase the supply of fiat money and will even lead to inflation:
 “The ideal stablecoin should be able to withstand market volatility, be affordable to maintain within a value range, have easily comprehensible stability parameters and be easy to observe for traders and other market participants.’’
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Altcoin News

Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum

According to the latest price movements on the crypto market that we take a closer look into today’s altcoin news, the investors could see a green wave around the market. The crypto market increased along with Bitcoin increasing by 4.75% reaching the $3,800 price point. Despite the fact that almost all cryptocurrencies showed massive gains, Litecoin seems to be struggling to gain momentum despite the fact that is up by 7.23% over the past 24 hours. The altcoin is up only by 3% for the week. Most of the analysts think that Litecoin is struggling because the cryptocurrency did a great job outperforming its competitors last week after it traded between $40-$50. Currently, Litecoin is trading at $48 and if this trend continues, the altcoin is expected to reach $50 and remain on that position for quite a while. It seems weird that despite the partnership with Beam as previously reported, the price isn’t maintaining momentum. Also, as previously reported, the hash rate of Litecoin increased and last time Litecoin’s hash rate was close to this new high was in April 2018 when Litecoin’s price increased up to $120. The value of this altcoin dropped quite a lot which caused miners to drop out of the mining activities and start opting for more profitable coins. Litecoin lost its position as the fourth largest cryptocurrency after it was surpassed by EOS. EOS increased massively, by more than 13.80% and is the best gainer among the top ten cryptocurrencies. The entire crypto market is up by 6.2% and according to analysts, the market is expected to increase up by 10%.
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Altcoin News

Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation

Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX) and Stellar (XLM) were the highest earners in the new surge that led the cryptocurrency market to add new $10 billion - coming closer to the $135 billion gap. In the daily news of our DC Forecasts crypto news site, this surge came with bullish moves in Bitcoin and Ethereum as well, which dominated the market. However, in this piece, we are focusing on the altcoin traction which started with a solid upward move by Bitcoin Cash (BCH) which broke the $130 resistance against the US Dollar. The BCH/USD pair gained traction and surpassed the $140 and $145 resistance levels, shooting up by about 15% and testing the $150 resistance level on the upside. Litecoin (LTC) also pushed high and broke the $45 resistance area, trading up by around 7% and breaking the $47 resistance as of recently. It seems like with the positive price action recently, the chances for LTC are of more upsides above the $48 and $50 resistance levels. Tron's price, on the other hand, formed a support base near the $0.0240 level. TRX later started a correction and moved above the $0.0250 resistance, opening the doors for a decent recovery. Looking at the total market cap, buyers gained control above the $130 billion resistance levels where the high is right now set at $136-7 billion. However, the possibility of dips is still present.
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