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Bitcoin Extreme Volatility!

Bitcoin Extreme Volatility!

December 27, 2018 11:07 am,

The already struggling market pulled out more than $15 billion from its total valuation in the last 24 hours. Last Christmas, as bitocin was trading above $14,000 and the market was booming with demand from all over the world, a similar bear was triggered during the trading session on this day, the market shed around $26 billion.

The Bitcoin price dipped below the $3800 mark after promising a price surge to $4300 and the BCH price suffered a large decline from $230 to $170 within a one week span, losing 26 percent of its value against the USD.

Yesterday, bitcoin is trading at $3812, around 80 percent less than its summit value, while the form of other major coins is even worse. Ethereum is down by 90 percent from its peak value, and the Ripple, by 91.5 percent.

Other cryptocurrencies followed the same suit. XRP, world’s second largest cryptocurrency, fell by 15 percent after the massive 43.2% spike in the past 7 days, and is at $0.38. The cryptocurrency was trading for $0.45 with a total market cap of $17.36 billion. The cryptocurrency’s $1.4 billion market cap was majorly split within Upbit and Bitbank, the former controlling $216.114 million worth of XRP transactions while the latter had a hold on $210.638 million worth of transactions.

Ethereum fell at the rate of 18%. ETH is trading for $127.00, last week with a total market cap of $15.135 billion and a 24-hour market volume of $3.782 billion. A majority of ETH trade volume was held by OEX, which had a grasp on 4.78% of all transactions conducted. This week, the valuation of the crypto market increased by $29 billion from $100 billion to $129 billion and also $18 billion wiped out in 2 days.

Factors behind the volatility

Throughout the week, investors in the cryptocurrency market have been generally positive on the short termed trend of Bitcoin and other major crypto assets, given the dominant cryptocurrency’s strong recovery to the mid-$4000 region. But many analysts also cautiously suggest that the market is still in a bear market and while it may be in the last phase of a long year of don trend, a high level of volatility in a low price range is expected. For the crypto market to initiate a proper bull rally and a mid-term uptrend, it will have to undergo a several month long consolidation and accumulation period during which the value of cryptocurrencies rise gradually against the US Dollar. From August to November, for just over 3 months, the market demonstrated a record low volatility rate but it still was not enough to stabilize the market and establish a solid bottom.

$3120, the lowest point the Bitcoin price achieved in 2018, could be the bottom of the asset, Immediately after the asset fell to #3120, a large buy wall was created in that price range, allowing market to recover.

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