MinEconomy.io - A brief overview of the 27.11 cryptocurrency market
If someone thought last week that the cryptotecks had reached their bottom, then this was a big mistake. As we predicted, the negative news background in conjunction with other objective reasons contributed to the critical decline in the price of cryptocurrency. Unfortunately, there are far more willing to sell cryptocurrency than those who would like to purchase it.
The situation can be traced most vividly on the Bitcoin schedule, which, during this week, was actively breaking through support levels and slipped almost to 3700 $ for 1 BTC. It is possible that such an unprecedented reduction in the main cryptocurrency in price will attract the attention of whales to it, which will immediately begin massive purchases, which will already have a positive effect on the price of the currency. After all, the Bitcoin price has reached the level of September 2017, and if analysts are to be trusted, then it’s quite realistic that we will soon see Bitcoin at 2900 $.
Decreased in price to 0.34 $, but did not give the second position in the TOP Ripple. In terms of its capitalization, the coin is more than 3 billion, overtaking Ethereum, which has fallen in price to 104 $ for 1 ETH. It is not worth waiting for a reversal of the course, it is likely that there will be a further fall in this position.
Bitcoin Cash continues to be in the center of attention, more precisely its two successors Bitcoin ABC and Bitcoin SV. This week, the first fork continued to express support, in particular, both large exchanges and popular wallets stated this. As for the second new coin, it suddenly broke into the TOP and you can see it at the 9-th position of the list. The initiators of the emergence of Bitcoin SV this week have stated that they are not going to compete with Bitcoin ABC for the title of true Bitcoin Cash, but they want to be a true Bitcoin. Such ambitions are not destined to come true, the coin is being traded at the price of 95 $ and loses 10% of its value per day. As for Bitcoin Cash, according to CoinMarketCap, it fell to 170 $ for 1 BCH.
In addition to Bitcoin SV, the cryptocurrency rating outsider is EOS, which lost more than 8.63% in a day and is now quoted at the price of 2,92 $. Forecasts on the account of this coin are still disappointing, according to experts, a fall in the rate may reduce the cost of cryptocurrency several times.
Not a background of a general falling trend show a slight positive trend of Tether and Litecoin. And if everything is clear with the Cryptodollar - it is tied to evergreen fiat banknotes, then Litecoin's behavior inspires hope, however, a small daily increase does not mean a reversal of the course.
The situation on the cryptocurrency market leaves much to be desired. Its capitalization has dropped to 121,6 billion, and at the moment Bitcoin dominates the Altcoins by 53%. It’s not possible to say that something will change in the near future, however, investors are waiting for the start of 2019 of the year, believing that the market will show peak dynamics similar to that of 2018. Now for critics enthusiasts, the most successful time to buy coins at low prices, because the cryptocurrency market has arranged unprecedented "discounts".