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.
Bitcoin Nearing $4,000: The Chances Of A Larger Breakout Are Increasing
Bitmain Has Reportedly Lost $500 Million In Q3: IPO Document
Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion
Japanese e-Commerce Giant Rakuten With A New App That Will Probably Support Crypto Payments
Join us on Facebook
- The Cyprus SEC Is Calling For EU Anti-Money Laundering Framework Implementation
- US Exchange Giant Coinbase Acquires Blockchain Startup Neutrino
- Central Bank Of Japan Examines Digital Currencies According To New Report
- Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum
- Craig Wright Calls Out Ethereum For Being Unable To Scale
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Bloomberg Editor: JPMorgan’s Cryptocurrency Will ‘Obliterate’ Ripple
Bitcoin News3 days ago
Bitcoin Is Closer To A First Positive Month Since July 2018
Regulation4 days ago
New Blockchain Framework Bill Passed Into Law In Luxembourg
Altcoin News4 days ago
Norwegian Anarcho-Capitalist City Adopts Crypto As Official Medium Of Exchange
Altcoin News3 days ago
ETH-Based Maker (MKR) Outperforms In February With 37% Gains
Bitcoin News5 days ago
Is It About Time Millennials Invest All-In On Bitcoin: Investor Talk
Regulation3 days ago
SEC’s ‘ICO Guide’ With A Gloomy Outlook For Cryptocurrency In 2019
Altcoin News3 days ago
Top Cryptocurrencies See Green, Ending Week With A Positive Action