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Bitcoin prices fell to a new 15-month low on Thursday, while the digital currency route continued.
Bitcoin
BTCUSD, -5.50%
fell to $ 3,230.00, down 6.1% from Wednesday at 17:00 Eastern Time on the Kraken exchange – the lowest level since September 15, 2017.
To read: Cryptos or S & P? One Million Dollars & # 39; Buffett Bet 2.0 & # 39; he's getting ready while Twitter's feud broke out
What analysts say
After spending $ 6,000 on November 14, bitcoin fought for any significant rebound, falling back into four of the last five weeks of trading and, according to one analyst, the longer it tramples the water the more it becomes sensitive to one another lower move.
"Bitcoin continues to get confused in the average range of $ 3K. The longer we maintain these levels, the less likely it becomes that prices are oversold and ready for a pop," wrote Jani Ziedins of CrackedMarket. "The public has largely written cryptocurrencies as a passing fad and there is no new money.The lack of demand will continue to be a huge responsibility."
Meanwhile, Tom Lee of Fundstrat Global Advisors has stated that the bitcoin selloff does not add up. "Given BTC's strong discounts on our fair value models, the excessive bearish sentiment on fundamentals does not seem justified," he wrote in a research note to customers. Lee said his fair value estimate is between $ 13,800 and $ 14,800.
To read: Opinion: Bitcoin is about to become useless
Altcoin and futures trading
The smaller cryptocurrencies, collectively called "altcoin", are moving lower with bitcoins. Ether,
ETHUSD, -6.59%
is down 6.9% to $ 83.70, Litecoin
LTCUSD, -6.42%
lost 7.3% to $ 22.68, XRP,
XRPUSD, -3.65%
is down 4.3% to 29 cents, and Bitcoin Cash,
BCHUSD, -9.03%
it is trading lower by 7.8% to $ 89.80.
According to CoinMarketCap data, the market value of all cryptocurrencies is $ 105 billion.
Bitcoin futures are recording lower spot prices on Thursday. The December contract for Cboe Global Markets
XBTZ8, -6.12%
it is down 5.5% to $ 3,240 and the CME Group's December contract
BTCZ8, -5.85%
it is down 6.3% to $ 3.205.
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