Date: 6 months ago   Category: Economy

The cryptocurrency market loses $16 billion in a night, assets fall for 10%-30%


At night the cryptocurrency market lost about $16 billion the capitalization as it was reduced from $123 billion to $107 billion

For the first time since May, 2017 Efirium's price fell up to $80, having destroyed all achievements recorded in the market of bulls at the end of last year.

the Price of Bitcoin Cash fell to two-digit number at the level of $94 for the first time in 16 months of its existence. Even after carrying out contradictory a hard a forka in August, 2017 Bitcoin Cash bargained in the range from $200 up to $400.

Decline of bitcoin to $3000 can be inevitable because of intensity of its sale within the last month.

At that time the technical analyst of DonAlt said that decrease to $2900 can become possible if the bitcoin is not able to keep the price over $3500. Closing is lower than support does not look too attractively. The bitcoin needs to return quickly support in a different way. I hope, it will reach the previous minima. If is not present, I look at $2900. On the day schedule support is not visible, I hope on feyknut or SFP on a minimum, - DonAlt told.

As for Efirium which within the last four-five weeks underwent the biggest falling among all main cryptocurrencies in the market the analyst noted that the asset shows weakness on the basis of actually each technical indicator so far: It fell very far again to interest me. Fell low, up to day support. Strong day closing will open opportunities for long. But today weak day closing, I would steer clear. In the middle of November the bitcoin and other large digital assets began to decrease, then some analysts, including DonAlt, suggested that cryptocurrencies show falling because of low the volume of assets, connected with the fact that there is no considerable sales volume.

the Volume of the capital digital assets last month was not restored and when pressure upon sales when large owners moved inactive long time purses increased, the cost of cryptocurrencies began to fall with big overweight.

As of December only bitcoin could avoid falling of more than 85% of the maximum slightly higher than $19500.

of Ripple (XRP), EOS (EOS), Stellar (XLM), others - all decreased more than 91% of the highest rates, and BCH - by 97%.

the Source - altcoinindex.com

Within the last nine years the kriptovalyutny market endured five main corrections from 85% depreciation on average. That the bitcoin recorded 85% falling from the maximum value, its price would have to fall up to $2950.

the Market is in an uncertain zone though the bitcoin fell to a new annual minimum, but it still remains at the level of less than 85% of the maximum. If digital assets continue to show lack of trade activity, establishment of a bottom can take more time, even in the lower price range.

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