Bitcoin uncertainty continues to grow!
December 12, 2018 6:17 am,
2018 will go down in history as one of the most difficult periods of bearishness for the cryptocurrency markets. Though 2017 closed with a high record high at the price of Bitcoin and ushered in a new era of expansion in the altcoin markets, 2018 has been marked with a steady decrease followed by an unprecedented free fall in the price of nearly every cryptocurrency in the expanding markets.
But one class seems to be growing, that is stablecoins are becoming even more popular and their adoption is becoming much more mainstream among the larger institutions than it had been months back. The cryptocurrency has always been in need of a substantive stablecoin. A truly stablecoin would allow the traders and exchanges to conduct business without the need for consumers to hold onto unstable and fluctuating cryptocurrencies in a volatile marketplace.
The virtual currency BTC 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 bear market has seen some surprising shifts in position as well as prices on cryptocurrency charts. Popular currencies like BTC and XRP have all faced the brunt of the bear, leading many analysts to speculate the bottom and the end of the bear run.
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.
The one hour graph was analyzed and it showed a lack of uptrend after a downtrend that led to a sideways price movement. The downtrend saw the price fall from $0.342 to $0.297. The support has been holding at $0.2931 while the resistance is at $0.313.
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.
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.
Stability has filled its sails once more and it is hard to imagine a scenario where BTC could feasibly stay on course at $3400. If BTC can rise above that with sustained conviction then the suggestion of stability will be believed.