Bitcoin (BTC) Dives to 420 Day Lows, More to Go

Bitcoin (BTC) Dives to 420 Day Lows, More to Go

Bitcoin (BTC) Dives to 420 Day Lows, More to Go

$BTCUSD

The price of Bitcoin (BTC) fell below it technical support at $4,000 for the 1st time Saturday, 24 November since 27 September of Y 2017.

At around 16:20 UTC Saturday, the world’s largest cryptocurrency by market capitalization sank to an average price across exchanges of $3,970.43, a figure 7.5% lower than the day’s opening price of $4,298.83, according to our trading desk data

Bitcoin is currently trading at $3,855.96

BTCs price is now down more than $1,700, or 30%, in the past 7 days alone and 82% from its all-time high of nearly $20,000, set back in December 2017.

While several of the well-known cryptocurrencies are posting positive 24-hour price developments when valued against BTC, including the likes of XRP (XRP), ethereum (ETH) and dash (DASH) which are all up more than 2% in BTC terms, the broader market is still experiencing substantial losses Vs the USD.

Of of the world’s 10 largest cryptocurrencies, Bitcoin cash (BCH), stellar (XLM), monero (XMR) and cardano (ADA) are the worst performers, all reporting 24-hour losses above 10% Vs USD, according to data from Coinmarketcap.

An effect of the deep dive in cryptocurrency prices is a significant depreciation in the capitalization of the entire market. Just 7 days ago, the cryptocurrency market was valued at $182-B, but that number has since fallen $54-B, or 30% to where it stands currently at $128-B, the lowest value since 27 September 2017

The major Alt-coins

Ethereum (ETH) is trading at $212 in the morning, down 4% over a 24-hour period.

Bitcoin Cash (BCH) is trading at $3.62, down 3.21% over the past 24 hours.

Ripple (XRP) is trading at $0.4104, down 5.94% over a 24-hour period.

Litecoin (LTC) is trading at $31.92, down 3.41% over a 24-hour period

For the prices of all Cryptocurrencies click here.

Note: Cryptocurrency exchange Bitex has started operations in the United Arab Emirates (UAE). Based in Dubai, the trading platform will support Bitcoin, Bitcoin Cash, Ethereum and Litecoin. In addition, the crypto exchange launched a cryptocurrency wallet to offer cash deposit service to its clients.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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