Recently, the cryptocurrency industry market capital is not seeing gains or profits since quite some time now. But what the sector maintained was a steady amount, albeit low, but steady on the daily charts. The bitcoin, the biggest cryptocurrency at present, used to trade between the lines of $6,300 and $6,400, but the current hit seems to be the worst of 2018.
Compared to the previous year, this year was considerably lacking in bringing out a bearish outlook for anytime soon due to several factors. But the main concern was the outrageously plummeting price of all digital currencies, including bitcoin and others in the last week. Surprisingly, Ripple (XRP) managed to once again grab the second position as it managed to soar heights as opposed to Etherem (ETH).
The market capital crashed majorly and hit the all-time low after the heights gained until October 2017. The chart marked bitcoin going as low as $5,200 and hitting the downward ground this November. There can be various reasons behind it, but the crypto optimists believe that bitcoin still has a chance to reach a common ground soon.
Crypto sector comes with volatility, but in those terms, the currency held a rather steady pace throughout September and October 2018. However, along with the major digital currencies, all the other currencies, as well as the market capital too, saw a major downfall in the charts on 15 November.
Some might say that the day was one of the worst correcting days of this year and this time it was a wipeout of more than $27 billion from the crypt market so far and continues to plummet further. The lowest hitting cryptocurrency was the bitcoin cash which suffered more than 7% losses in the matter. As the market crashed, the price of bitcoin cash (BCH) almost hit $250.
According to crypto trader and analyst, Crypto Rand believes that there is a strong possibility of an outcome where the price of bitcoin (BTC) can trade along the lines of $4,800-$5,000 shortly. It might even be possible, that the bottom $4,800 trading price now seems more likely to expect for the BTC.
At the press time, the market capital values at $183 billion after receiving a hit from $185 billion from the previous week. The bitcoin price values at $5,551 after following highs and lows around the same and continues descending. Price of bitcoin cash (BCH) fortunately sees green after the hard crash and currently dithers around $392.
This week in particular marks a negative approach to the cryptocurrencies and the sector. The industry is suffering from an extremely volatile market, and as the analysts say, it may get worse before it gets better.