Top Cryptocurrencies See Moderate Losses, Bitcoin Below $3,800

December 6, 2018
45 Views

Today all but one of the top 20 cryptocurrencies registered losses. Bitcoin is down over 4 percent in the last 24 hours.

Wednesday, Dec. 5: All but one the top 20 cryptocurrencies registered losses in the last 24 hours, Bitcoin (BTC) lost most of its recent gains, sinking below $3,800.

Market visualization from Coin360.io

Bitcoin started the day near $4,000 and continued to fall until it reached its current price of $3,769, down 4.37 percent on the day. On its weekly chart, BTC is at its lowest point in the past seven days.

Bitcoin 7-day chart. Source: CoinMarketCap

The co-founder of advisory firm Fundstrat, Tom Lee, provided three reasons behind the collapse of the crypto market: the controversial  Bitcoin Cash (BCH) hard fork, recent actions undertaken by the U.S. Securities and Exchanges Commission (SEC) which forced Initial Coin Offerings (ICOs) to return funds to investors, and the “terrible” conditions in global markets.

Ripple (XRP), the second crypto by total market capitalization, is currently trading around $0.339, down 3.6 percent in the past 24 hours. The current price of the native XRP coin is the lowest registered this week, down from nearly $0.40 seven days ago.

XRP 7-day chart. Source: CoinMarketCap

Ethereum (ETH) is still the third cryptocurrency by market capitalization after losing nearly 6 percent in the past 24 hours. At press time ETH is trading at $103.58, which is the lowest price point reported by the asset in the last seven days.

Ethereum 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the only ones reporting double-digit losses are Bitcoin Cash (-12.29 percent), Zcash (-10.11 percent) and Maker (-11.12 percent). The only gainer in the considered group is Binance Coin, which is up 3.66 percent on the day.

Total market capitalization of the cryptocurrency market is around $121.2 billion as of press time, the lowest point in the last seven days and down from $146.5 billion on Nov. 29.

Total market capitalization 7-day chart. Source: CoinMarketCap

As Bloomberg reported today, “Bitcoin is turning negative again” and, according to their experts, “prices for Bitcoin and other cryptocurrencies are likely to weaken.” Bloomberg analyst Mike McGlone predicted in a note past Wednesday that Bitcoin will fall to around $1,500.

CEO of Japanese cryptocurrency exchange Quoine Mike Kayamori is more positive, stating in an interview yesterday that BTC will see new all-time-highs by the end of 2019, while admitting there’s “no catalyst” to drive prices back up in the near future.

You may be interested

Interview With Crypto ‘Optimist’ Brian Kelly: Bitcoin Is Still 50 Percent Undervalued
Bitcoin
32 views
Bitcoin
32 views

Interview With Crypto ‘Optimist’ Brian Kelly: Bitcoin Is Still 50 Percent Undervalued

btcethereumadmin - February 17, 2019

CNBC’s Brian Kelly outlook on crypto in 2019, Bitcoin ETF in 2020, and inevitable recession. This interview has been edited…

How the Marshall Islands Envisions Its National Digital Currency Dubbed ‘Sovereign’
Crypto News
21 views
Crypto News
21 views

How the Marshall Islands Envisions Its National Digital Currency Dubbed ‘Sovereign’

btcethereumadmin - February 17, 2019

The SOV team revealed that it had made “significant progress in finding partners, investors, and developers” to realize the project,…

SEC Starts Review of NYSE Arca’s Bitcoin ETF Rule Change ProposalErisX to CFTC: Regulated ETH Futures Would Result in More Robust, Liquid Market
Crypto News
22 views
Crypto News
22 views

SEC Starts Review of NYSE Arca’s Bitcoin ETF Rule Change ProposalErisX to CFTC: Regulated ETH Futures Would Result in More Robust, Liquid Market

btcethereumadmin - February 17, 2019

The U.S. Securities and Exchange Commission started reviewing a rule change proposal for NYSE Arca’s Bitwise Bitcoin ETF Trust.Chicago-based crypto…

Leave a Comment

Your email address will not be published.