Bitcoin has easily breached key psychological support at $5,000 and with it trading at $4,500 the move back to the September 2017 lows at or just below $3,000 looks eminently achievable. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase. However, it is worth noting that despite suffering losses, XRP faired far better than its rival Ethereum, which saw its market cap tumble to around $16.5 billion, after losing roughly $1.6 billion in value after a painful few days of trading.
However, the latest drops are being blamed on a "hard fork". Bitcoin is a market leader with a dominance of over 50%, and that means that its price reactions are bound to affect the rest of the market.
Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight and undeveloped market infrastructure compounded by frequent swings in price. Investors seeking to acquire Bitcoin Cash ABC [IOU] should first buy Ethereum or Bitcoin using an exchange that deals in USA dollars such as Gemini, GDAX or Coinbase.
It may be a cruel joke to those cryptocurrency fans holding bags of expensive Bitcoin and other altcoins, but all this digital money is on sale right in time for Black Friday. This year's bearish spell hasn't ended for Bitcoin and its kind, with the recent days bringing us the year's lowest values.
Despite the current market onslaught, one has to keep in mind every Bitcoin being sold is also bought by someone else.
Image source Shutterstock Trijo News
Bitcoin tumbled by 13.05% on Monday, following on from last week's 12.2% slide, to end the day at $4,920.7.
Overall, the value of bitcoin is down 30pc since Thanksgiving a year ago and down 76.5pc from its all-time high. "As the year has progressed volumes have fallen away and some are arguing that the adoption of cryptocurrencies has stalled".
Despite the not so enthusiastic predictions for the top currency in the market, there are many holders that believe that Bitcoin is able to go even towards the value of 10,000$ in the next 6 weeks. As a result, Paragon Coin Inc. and Airfox will both have to pay $250000 as penalties to compensate its investors.
Nearly two weeks ago, the average market value of crypto assets was valued at $220 billion, and the Bitcoin community made a decision to upgrade Bitcoin's code, commonly known as "Hard Fork". Based on the GTI Global Strength Indicator, Bitcoin is flashing oversold for the first time since August, and its most oversold level this year.