Over the past 24 hours, the latest cryptocurrency news shows that the market has slightly rebounded by about $3 billion, going from $123 billion to $125 billion in terms of its market cap. Bitcoin (BTC) which is the most dominant cryptocurrency out there, has avoided a potential decline to the $3,600 region and managed to rebound to $3,850.
Even though BTC reached a daily low of $3,800, it rebounded by a small margin. Other major cryptocurrencies also recorded large losses against the US dollar over the past two days. Ethereum (ETH), Stellar (XLM) and Bitcoin Cash (BCH) were all among them, demonstrating losses in the range of 1.5 to 8 percent on the day.
Since November 29th, the Bitcoin Cash price has dropped from $200 to $142 by more than 29%. Even though the asset did not experience a major single-day drop, it continued to lose its value against Bitcoin and the US dollar.
The Bitcoin price, on the other hand, has struggled to show any sign of a major short-term reversal or a bullish run. According to “The Crypto Dog” who is a prominent technical analyst in the crypto space, a consolidation event following a strong move is likely to result in a continuation than reversal.
Following the November sell off into the low 3000s, $BTC has now carved out a clearly defined range between 3500 and 4500.
A consolidation event following a strong move is more likely to result in a continuation than reversal. That means currently the bears are in control. pic.twitter.com/mW55d0hfOv
— The Crypto Dog📈 (@TheCryptoDog) December 5, 2018
“It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $2000 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time,” the analyst said, confirming that a several-month-long accumulation period may likely introduce Bitcoin to the bottom.
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“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”The twins and Gemini founders also revealed their plans to expand to the Asian crypto market where they will face stiff competition from the thriving exchange industry that includes companies such as Bitfinex, Binance and Huobi.
Bitcoin Grows Its Dominance Rate To 55.14% Amid Crypto Price Panic
Bitcoin Hash Rate Drops, Miners Shut Down Their Devices
“In the six-day period ending 3rd December, 21.8% fewer blocks than the expected 144 per day were found, as miners left the network before the difficulty adjusted, and as a result, fewer blocks were found. Therefore in the short term, there was a 21.8% fall in mining incentives on top of the impact of the declining price.”So the conclusion would be that all of the crypto miners are operating at a loss right now, but this should not have a strong impact on Bitcoin itself.
Bitcoin And Ethereum With New ‘Bottom-Like’ Drops
“Rejected by previous support. Seems to be forming a descending channel on the LTFs (aka a way to visualize a downtrend). I often use channels for confluence with horizontal levels (both the rejections from the black horizontals were also at the channel boundary).”When it comes to the short-term trend of ETH, another analyst named Edward Morra raised the possibility of ETH dropping to $55 and said:
“If ETH bulls lose this support and low set at $83, it is basically vacuum till next meaningful support around $55 – $45, another 35% downside from here.”If Ethereum drops by another 35%, tokens will definitely bleed out and continue to lose their value from the already low price range, which could eventually lead some to lose all of their value in the short-term.
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