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.
BNB Price Analysis: Bullish Trend Forming After Token Sale Announcement
Bitcoin Will Triple And Surpass $20,000 By 2021: Mike Novogratz
“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
New Bitcoin 2019 High Surpasses The $5,900 Price Point: Analysis
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
Bitcoin Analysts Are Cautious As BTC Corrects Below $5,800
Join us on Facebook
- Matic Network Surges 76% In A Day, Slowly Becomes A Favorite
- Crypto Startups Should Go All-In On Blockchain: Expert Opinon
- Bitcoin In Myanmar No More: CBM Sees It As Liability
- Bitcoin Trader From India Takes His Life After Losing His Investment
- Crypto Regulators To Add New Strict Rules For Crypto Exchanges
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News2 days ago
Facebook’s Cryptocurrency Network Launched In Switzerland
Blockchain News3 days ago
Cryptopia Crypto Exchange Might Not Be Able To Refund Its Customers
Regulation4 days ago
Regulating Cryptocurrencies Is Not A Priority: Russian PM
Regulation1 day ago
Crypto Regulation In Japan: The Measures G20 Wants To Impose
Blockchain News3 days ago
Blockchain Bonds Officially Launched By CommBank And World Bank
Altcoin News3 days ago
Biggest Crypto Dump: $32 Billion Wiped Away Overnight
Litecoin News2 days ago
Litecoin (LTC) Price Analysis: It Needs To Be Above $87 For Bullish Outlook
Bitcoin News2 days ago
European Central Bank: Bitcoin Is Not A Threat But It Needs Monitoring