Bitcoin Touches Below $5,500; Market Sinks Further Losing $26 Billion Overnight

Nov 15, 2018 at 22:46

The crypto market downtrend continues to get worse as it loses as much as $26 billion overnight.

Coming from a record high level of stability from August to November, Bitcoin touched a price below $5,500. As of this writing, it is treading downward by 12.10 percent to $5,514.90 a piece and a market cap of $95.8 billion.

Analysts noted that the premiere cryptocurrency’s unexpected drop rippled and led to the sudden massive selloff of other top coins. It was also the first time that Bitcoin breached below the $6,500 territory this year.

Prior to the said drop, traders note that Bitcoin is already showing low momentum and weakness.

It can be recalled that Willy Woo, a technical expert and also the founder of date website, Woobul warned before that a bear market would last beyond this year and may only end by the second quarter of 2019.

“After that we start the true accumulation band, only after that, do we start a long grind upwards,” he claimed then.

Likewise, Mike Novogratz, crypto investor and founder of Galaxy Investment Partners also had his fearless forecast that Bitcoin will not be able to break $10,000 by the end of 2018 citing that a bull reversal will also take place by the second quarter of next year as the industry gets more institutional involvement

Among the top ten coins, Monero shed the most value dipping by 18.2 percent to $84.18 and a market cap of $1.38 billion.

Meanwhile, XRP, Ethereum and Bitcoin Cash settled downward to $0.46, $178.50 and $441.12, respectively.

On the other hand, Stellar, EOS and Litecoin were dismal at $0.2255, $4.54 and $43.12, respectively.

Tether also suffered a 0.23 percent decline to $0.97 per piece with a market cap of $1.6 billion while Cardano dropped by 15.26 percent to $0.0604 and a market cap of $1.5 billion.