Crypto Market Freefall Continues with Bitcoin’s 5 Percent Decline

Nov 19, 2018 at 22:27

The bleeding in the crypto market continues as Bitcoin went down by 5.01 percent to $5,312.2772 a piece and a market cap of $92.4 billion, leading to a deletion of at least $14 billion in the entire crypto market.

Notably, analysts and traders have different projections on the short-term future of Bitcoin.

Renowned trader, Crypto Rand, claims stated that the next likely range for BTC will be between $4,800 to $5,200, especially if the coin fails to recover fast from the low $5,000 region to the $6,000 resistance level.

Meanwhile, crypto tech analyst, Hsaka, expressed that the premiere cryptocurrency may have a retest of the $5,600 level with an expected recovery from the low $6,300 mark in the coming days.

“Could be forming a nifty little range here. Swept shortstops and tested range bottom. Swept long stops. Now if price can reclaim the zone around $5,400, a retest of $5,600s looks likely,” the analyst explained.

On the other hand, Willy Woo of Woobull.com, said that fundamental indicators show a high probability of further negative sentiment that may extend until the second quarter of 2019.

“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish,” he stated.

Notably, among top ten coins, Tether was the only cryptocurrency that managed to record gains. The stablecoin which is pegged to the US Dollar is now valued at $0.98, up by 0.5 percent, paired with a market cap of $1.7 billion.

However, Cardano suffered the most among the cryptocurrencies with the biggest market cap. It dipped by 11.21 percent to $0.06 a piece and market cap of $1.4 billion.

XRP, Ethereum and Bitcoin Cash also declined to $0.49, $158.25 and $267.40, respectively.

Likewise, Stellar, EOS, Litecoin and Monero, dropped to $0.23, $4.19, $38.57 and $80.39, respectively.