Bitcoin price to set to rise!
December 11, 2018 6:26 am,
The virtual currency Bitcoin dropped to around $3280 before creeping up to around $3550 per coin. This led to other major cryptocurrencies and low market cap digital assets to fall by around 15 to 20 percent against the US dollar.
The recent sell-off of the cryptocurrency and the epic plunge in its value have been attributed in part to a warning from the US Securities and Exchange Commission. News of the hard fork, where the digital coin splits to form a new cryptocurrency in the BTC network last month has also contributed to the massive price drops, which have seen the virtual token sinking by more than 80% from its $20000 high recorded last year. Still, most of the high profile investors seem to be involved in the cryptocurrency market and seem to think it has gone through many cycles and these are not untypical.
The crypto market has added $5 billion to its valuation, demonstrating a slight recovery from $106 billion to $111 billion. Despite the recovery of the market, Ethereum and BCH continue to fall in value, both recording a three percent drop against the US dollar.
ETH price fell by around three percent from $97 to $93, failing to sustain the short-term momentum garnered from the recovery it experienced on Saturday. Since its daily peak, ETH has declined by more than six percent against the US dollar, from $100 to $93.
Last week, fuelled by the corrective rally of BTC, major cryptocurrencies in the likes of Ripple (XRP) and ETH recorded gains in the range of six to nine percent with ETH rebounding to $115. The cryptocurrency market has added $11 billion to its valuation and tokens such as VET or ZIL have recorded gains of around 15 to 20 percent.
These whales now over 20 million ETH, roughly 20 percent of ETH circulating supply. This represents a four-fold increase in ETH held by top cryptocurrencies since January 2017, when they owned just 5 million ETH.
Bitcoin Cash (BCH)
BCH has also demonstrated a weakness in its short-term price trend as it lost nearly half of its value within a two week period. Since November BCH price declined from $200 to $100 by exactly 50 percent.
This year has also demonstrated to investors that cryptocurrencies as an asset class are not a fad because both cryptocurrency related businesses and major financial institutions continue to build and strengthen the infrastructure surrounding the asset class.