Crypto Market On a Slump Led by Bitcoin’s 2.94 Percent Dip

Dec 06, 2018 at 22:29

The crypto market is generally on a downward slump as Bitcoin has sustained a loss of $6 billion within a 48-hour span which created fear among analysts that it could drop to as low as $3,000 a piece sooner.

The premiere cryptocurrency is now down by 2.94 percent to $3,793 a piece with a market cap of $65.8 billion.

Despite the warnings, noted crypto analyst Willy Woo said the top coin will likely not reach a bottom until the end of the second quarter of 2019.

“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” he expressed.

Among all top coins, Bitcoin Cash suffered the most drop at 16.02 percent to $118.42 a piece and a market cap of $2.07 billion.

Likewise, XRP, Ethereum and Stellar dipped to $0.34, $101.09 and $0.1332, respectively.

EOS, Litecoin and Tron followed the drop to $2.16, $28.75 and $0.01, respectively.

Tether and Bitcoin SV were the only coins that managed to record a slight improvement.

Tether was up 0.4 percent to $0.99 a piece and a market cap of $1.8 billion while Bitcoin SV was up 2.49 percent to $93.59 and a market cap of $1.6 billion.