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Bitcoin Slowly Regains Momentum, Trading At $6,420 With A 55% Market Dominance



After recording the steepest daily drop in valuation over the past few years, the crypto market has been struggling to rebound in a convincing manner. This is what pushed the dominance index of Bitcoin to 55%, making Bitcoin tokens more than half present in the entire crypto world.

The 55% dominance index of Bitcoin is the highest point that the major cryptocurrency sees since December 2017. As the tokens lost out largely against the largest cryptocurrency by market cap, BTC’s index increased over the past few days from 51% to 55%.

A lot of people are confident that the crypto market did not experience a drop below $200 billion – or near the yearly low of $192 billion. However, it is safe to say that Bitcoin, Ethereum and most of the top altcoins recorded a steep downward trend with little to no support in the mid $6,000 margin.

The good thing is that Bitcoin rebounded from its bottom of $6,000 and is now trading around the $6,450 margin. What we can all learn from this price impact is that the Goldman Sachs announcement had no impact on the short-term price of BTC, but definitely seemed like a negative development for the overall cryptocurrency sector.

Even the chief of Goldman Sachs, Martin Chavez, refuted the reports that Goldman Sachs was the one to blame for the drop, with the delay of their Bitcoin trading operations. As he said during a TechCrunch conference:

“I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as Fake news.”

Right now, if Bitcoin fails to break out of the $7,000 resistance level in the next 24 to 48 hours and completely reverse its fall from the $7,400 mark, it is highly likely that the most dominant cryptocurrency will test the $6,000 resistance level – just like it did in April, June, and August.

The drop to $6,000, however, is not necessarily negative, as it would allow the dominant cryptocurrency to bottom out at its low price range and prepare for a new mid-term rally over the next couple of months.

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Altcoin News

(Some) Crypto Exchanges Resume BCH Trading, Bitcoin Cash Price Reaches New Lows

Five days after the Bitcoin Cash hard fork began, it is safe to say that the stability of the BCH ecosystem has crippled. The worst part is what is seen in today's crypto news - that it has continued and is not looking to recover anytime soon. The BCH/USD pair suffered another 40% loss on paper (mostly because most exchanges paused BCH trading ahead of the fork) - setting a yearly low of $237. Currently, it seems like Bitcoin Cash (BCH) has corrected to $242 in a small upside recovery. However, the downtrend has certainly intensified over the past few days and each session formed bearish flags and pennants consecutively. As a result, the BCH/USD pair went inside a free fall without finding its bottom. In times when the fight between Bitcoin Cash (as most people are labeling the Bitcoin ABC version of BCH) and Craig Wright's Bitcoin SV is harming the crypto market as a whole. There seems to be no way that guarantees a way out - as the industry witnesses downward movements and new losses day after day. If you are wondering what's next, crypto exchanges are already in the process of labelling Bitcoin ABC's ticker BCHABC as BCH which signifies that ABC will lead the original BCH blockchain. Trading under the BCH ticker is still closed on some mainstream exchanges - but few allow it. Once the trading fully resumes for retail investors, then we can expect more trend-defining movements in this market.
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Altcoin News

After Days Of Resistance, Ripple (XRP) Suffers A Major Price Drop

In a new edition of this week's downward trend, we have the altcoin Ripple (XRP) which overtook Ethereum and became the second largest cryptocurrency by market cap - and its recent price drop which went viral everywhere in the crypto news. The intense downtrend finally took a toll on Ripple, even though it seemed like the cryptocurrency is resistant to it. Ripple, which is now the second most valuable cryptocurrency, is no longer up in value on a monthly basis. Over the past 30 days, XRP maintained the $0.5 level relatively well with minimized losses - during a period when Bitcoin and other top coins fell by 20% and even more. If you are asking yourself what was the primary reason for Ripple's drop, the truth is that XRP is a liquidity network that provides major banks and financial institutions the ability to move cross-border payments with low fees. Hence, a large supply of XRP is crucial for the Ripple blockchain network to operate. This week, around $16 million was removed from the Ripple Distribution wallet to an unknown one, injecting more XRP into the market. Over the past 12 hours, XRP fell from $0.48 to $0.41 and then recovered at the $0.43 support level. It is entirely possible (given that XRP has been successful in maintaining the $0.4 support level) - that this increase of the supply of XRP in circulation affected the short-term price trend of XRP.
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Altcoin News

BitMEX Research: The BCH “Hash War” Costed Miners $6.1 Million In Lost Revenue

BitMEX Research is in the latest cryptocurrency news - mostly for its new report which shows that the hash rate of both sides of the Bitcoin Cash "hash war" has led BCH miners to collectively lose as much as $6.1 million in gross revenue since last week's blockchain split - leading to the creation of Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) accordingly. As a tweet from BitMEX Research's Twitter profile shows: Something which must be noted is that the profits that were gained from such mining - or loss thereof - would currently be on paper only as neither BCH nor BSV has a liquid market at this time - in fact, they are measuring serious losses. The figure also assumes that everyone renting hash is actually finding blocks or that most or all of the hash being used to win blocks in either chain, right now, is rented. Obviously, this is not always the case as there are many Bitcoin Cash miners that own their hardware and choose to mine on BCH chains for various reasons. What we can conclude is that mining is not anymore a hobbyist game. As you can see from the report, the majority of miners run on tight margins and hardware expenses are at least as important as the cost of electricity - which always varies. As a result of this, analysts believe that a significant amount of new BCH will continue to be sold regardless of how the markets treat the tokens.    
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Altcoin News

Ripple Is Now The Second Most Valuable Cryptocurrency Surpassing Ethereum

In today’s crypto news, we can see Ripple despite falling down by 9.5 percent against the US dollar, overtaking Ethereum and is now the second most valuable cryptocurrency in the crypto market. Two days ago on November 17, Ripple increased in value at approximately 8 percent while other major cryptocurrencies such as Bitcoin and Ethereum failed to maintain momentum. Its short-term rally back on Saturday, allowed XRP to peacefully surpass Ethereum with a market cap of $19.1 billion. Ethereum, on the other hand, remains at $15.92 billion. One of the reasons why this could be happening on the market right now could be the exploring of Coinbase Custody to add major cryptocurrencies and ERC20 tokens:
 “Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’
Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
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