Crypto Market in Red as Black Friday Looms, Bitcoin Below $4,300
Crypto market is yet to see a light at the end of the tunnel as it sheds another 9 billion in less than 24 hours.
From 2017’s exhilarating bull run into 2018’s bear market of discontent, we’ve witnessed what the cryptocurrency markets are capable of, from the highest heights to a new yearly low, and low prices can mean only one thing…
The Black Friday sales have arrived and prices are down, down, down!
This aftershock of-sorts, which recently sent BTC below $4,300 and sent Ethereum falling to $120, comes after a week of near-non-stop selling pressure that began on Wednesday the 14th of November.
The date which has been dubbed the “eve of Bitcoin Cash’s hard fork,” the market experienced an influx of selling pressure after weeks of non-action, sending BTC and ETH plummeting through supposed levels of support.
Most of the remaining top ten coins on CoinMarketCap are seeing losses of below 3 percent, with the notable exception of Bitcoin Cash (BCH), which is down 5.8 percent to trade at $220.62 — a 49 percent devaluation on the month
This makes a compelling case that the Bitcoin Cash hard fork is the reason the market is bleeding. However other factors have come into play such as panic and the fact that the frustrating sideways action being experienced in the market prior to the drop created a favorable environment for the bears to move in.
So far, it seems that the market will end on a low but the crypto community remains optimistic that a price reversal is on the horizon.
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