The cryptocurrency space is a volatile one but the year-long downward trend has been consistent and unrelenting leaving many to wonder where and when some of these top tokens settle down.
Bitcoin's value dipped to $3,930 today, after recovering back above $4,000 late yesterday, when it plunged to $3,474 - its lowest level since September a year ago, according to Luxembourg crypto-exchange Bitstamp. Bitcoin was steady at around $6,200to $6,500 over the last months but after the Bitcoin Cash hard fork, things went south to the point where Bitcoin was trading below $3,500.
After registering heavy double-digit losses at the weekend and the start of the week, the cryptocurrency market has regained some poise but is still left near multi-month lows. However, Innes states that gold will become the traditional investors' new favorite risk-off asset.
Do you think there's a strong correlation between "bitcoin" searches and bitcoin price?
Bitcoin has been seeing massive 10% - 15% daily declines over the last week to establish what could be likened to a parabolic market in traditional stock analysis. The main resistance is at $130, above which the price could test $134.
The market cap of BCH, however, increased to $2.99 billion while that of EOS lagged behind and is now at $2.96 billion. On the other hand, crypto bulls see the recent skid in bitcoin value as a sign of an approaching bottom.
It's not just Bitcoin that's enjoyed the upwards turn.
Time will obviously tell on that, but with the cryptocurrency civil war that's engulfed the market seemingly all but at an end for the time being, perhaps the stability that had soaked into the market across the autumn can return.
I suspect we are getting set for a run of the lows once again and as a result my downside target of $3,000 but sometimes will come into play.
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