In today’s cryptocurrency news, we have a new hit on the market especially for the cryptocurrencies including Bitcoin, Ripple and Ethereum which are all getting hit and have fallen again over the past 24 hours.
Bitcoin is the first one to take a beating, falling by 4% and now trading at $5,334 while Ripple, which is now the second largest cryptocurrency by market cap, has dropped by more than 6% and is now trading at $0.47. Ethereum, has fallen by more than 11% and is now trading at $156, according to data from CoinMarketCap.
It seems like the Bitcoin Cash hard fork has had a major effect on the prices of cryptocurrencies. Blamed last week for the initial sell-off, it managed to wipe billions from the market and led many analysts to believe that the nature around cryptocurrencies is quite chaotic – especially when they are used as currencies and store of value.
As a result, the top cryptocurrencies have been dropping in what’s named ‘the civil war of crypto’ because of the fork, which led to smaller cryptocurrencies splitting again in two last week – resulting in the creation of Bitcoin Cash ABC (BCHABC) and Bitcoin SV (BCHSV).
No one knows if this bearish trend will continue. According to analysts, it is more than likely for the prices to remain the same and drop until 2019 – and currently, a breakout scenario is far from reach.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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