MinEconomy.io - A brief overview of the 06.12 cryptocurrency market
The end of November allowed the cryptocurrency market to change the motion vector of quotations, but it seems that with the beginning of winter, the prices of coins began their avalanche-like movement down again. Only a few days Bitcoin managed to please the cryptoinvestors crossing the mark in 4000 $, after which the main cryptocurrency began to give up their positions, and at the moment, it is quoted at a price slightly higher than 3700 $. Perhaps enthusiasts continue to expect last year’s jump from the market, which peaked in December-January, but there are no objective reasons for Bitcoin to reach the price of 20000 $ for 1 BTC again yet.
Nevertheless, it is likely that in the new year Bitcoin will still be pleased with growth, if only for the reason that, according to the company Diar, whales of the market accumulate the main cryptocurrency. It is likely that such a significant drop in the market was provoked by manipulations that are very beneficial to large holders of bitcoin capital. According to available information, the investment fund Grayscale bought coins throughout the year and is now in the company's accounts around 200000 BTC. In favor of Bitcoin says that Nasdaq confirms plans for the introduction of Bitcoin futures in the next year. As we remember, at one time the launch of bitcoin futures on CME and ITSELF strongly spurred the course of the main cryptocurrency.
In the meantime, it’s too early to talk about the growth of the coin, following Bitcoin, even altcoins are falling down, which in a week reduced the market capitalization from 136 billion to 119 billion. The fall in the Bitcoin price turned many miners away from him: according to the latest data, the complexity of mining BTC has decreased by 15% - a worse picture could be seen only in the 2011 year, when mining became simpler on 18%.
As we remember, last week the leading cryptocurrencies finally began to rise in price and increased their value by 5% -10%. This positive trend didn’t please cryptoinvestors for long, now the market is returning to the previous quotes and, in the last 24 hours, the coins have lost in price from 4% to 14%. The record for this week’s drop rates was Bitcoin Cash, which is still not very stable in its position after a hard fork. But his competitor Bitcoin SV, surprisingly, on the contrary, not only did not lose in price, but also excelled more than other coins in the TOP. In just one day, the coin managed to rise in price by almost 12%! Very soon Bitcoin SV will catch up with Bitcoin Cash, because the difference in the price of these two forks is only 14 $.
The second coin of the rating, which did not succumb to the general mood - a stable Tether, supported by dollars. This week it became known that the project developers have introduced user verification and now it has become possible to withdraw fiat funds. This news was received positively, first of all, by the exchanges, which now have the opportunity to add trading pairs between Tether and Fiat. So, at least, Bitfinex did, which added the ability to trade a cryptodollar with the dollar and the euro.
The struggle for second place in the cryptocurrency rating between Ethereum and Ripple continues, but so far without visible changes. XRP is still leading, although it loses in value, but not significantly, and is still listed in the 0.32-0.34 $ range. But Ethereum, for the first time since May 2017, has passed the mark in 100 $ and is trading at 98 $ for 1 ETH. All the same company Diar never ceases to please with their research, which proves that about 20% of all ETH coins are concentrated in the hands of whales and over the past year they have increased their savings by 80%. This gives hope that Ethereum has not lost its potential and will show new peaks of the course in the future.
The situation in the cryptocurrency market to the end of 2018 of the year failed to balance itself and as long as the coins continue to be in a not very advantageous position. Investors and trades use this state of affairs in their own way: someone buys coins in anticipation of future growth, and someone sells them in an attempt to gain at least some money. Nevertheless, there is no reason to say that the market will not be able to recover after such a fall - there is no time for everything, and now we just have to be patient and wait for positive dynamics.
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