Is this different this time?

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Bitcoin, Ripple, Litecoin and other cryptocurrencies are selling off again. It is the fifth time this year, in case someone is counting.

There are a couple of different things this time. One of these is that the sell-off started after a two-month stability period rather than after a short spike. This is in particular the case of Bitcoin, which has traded close to $ 6,500 since the beginning of September, before collapsing under $ 5,500.

Another thing is that the sell-off broke despite the $ 6,000 and $ 5,800-mark, which was seen as a "fund" for the digital currency market.

This is a bearish sign for some.

"For me, $ 5.800 is a major level of $ 6,000 since this is the real Bitcoin fund the latest hit," says Clement Thibault, Senior Analyst at the global financial platform Investing.com. "We are already seeing Bitcoin back to $ 6,000, and when I see it I will believe in a full bearish oscillation We have not had one of these since Bitcoin started trading between $ 6,000 and $ 7,000."

Cryptocurrency operator & nbsp; Abraham Merkin is worried about the peak of the volume of trade that accompanies the sell-off. "After months of low volumes and low market interests, this has all the signs of a triggered panic sale, with volume up to 85% on some trades and 20-25% is also common among mainstream exchanges. . "

Henry James, deputy chief executive officer and president of Fincross International, is not surprised by the sell-off. "This happens after a long period of tightening of price actions between Bitcoin, Ether and other cryptocurrencies and we expected a breakout from this price range for a certain number of days, so the sudden volatility was not a surprise This last sale suggests that buyers are still hesitant at this stage and are looking for more real-world use cases for cryptocurrency. "

Although it is different with previous sales, the current sell-off has similarities with last January's sales. It is very broad Over the past seven days, Bitcoin fell 12.10%, Ripple fell 15.94% and Litecoin fell 18.32% – see table 1.

And it has extended to the whole list of cryptocurrencies, with 93 of the first 100 cryptocurrencies losing ground – see Table 2.

This means that the money that comes out of the main cryptocurrencies is not reinvested in other cryptocurrencies. He is leaving the whole asset class.

This is what happened in January, see Tables 3 and 4. We all know what happened to the cryptocurrencies later.

Table 1

Price change in seven days for the main cryptocurrencies

Source: Coinmarketcap.com 11/14/18 at 09:30

Number of cryptocurrencies that have advanced / declined in the first 100 degrees

Source: Coinmarketcap.com 11/14/18 at 09:30

Table 3

Price change in seven days for the main cryptocurrencies

Source: Coinmarketcap.com 31/1/18 at 13:30

Table 4

Number of cryptocurrencies that have advanced / declined in the first 100 degrees

Source: Coinmarketcap.com 31/1/18 at 13:30

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any bitcoin.]

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Bitcoin, Ripple, Litecoin and other cryptocurrencies are selling off again. It is the fifth time this year, in case someone is counting.

There are a couple of different things this time. One of these is that the sell-off started after a two-month stability period rather than after a short spike. This is in particular the case of Bitcoin, which has traded close to $ 6,500 since the beginning of September, before collapsing under $ 5,500.

Another thing is that the sell-off broke despite the $ 6,000 and $ 5,800-mark, which was seen as a "fund" for the digital currency market.

This is a bearish sign for some.

"For me, $ 5.800 is a major level of $ 6,000 since this is the real Bitcoin fund the latest hit," says Clement Thibault, Senior Analyst at the global financial platform Investing.com. "We are already seeing Bitcoin back to $ 6,000, and when I see it I will believe in a full bearish oscillation We have not had one of these since Bitcoin started trading between $ 6,000 and $ 7,000."

Abraham Merkin cryptocurrency operator is worried about the peak of the volume of trade that accompanies the sell-off. "After months of low volumes and low market interests, this has all the signs of a triggered panic sale, with volume up to 85% on some trades and 20-25% is also common among mainstream exchanges. . "

Henry James, deputy chief executive officer and president of Fincross International, is not surprised by the sell-off. "This happens after a long period of tightening of price actions between Bitcoin, Ether and other cryptocurrencies and we expected a breakout from this price range for a certain number of days, so the sudden volatility was not a surprise This last sale suggests that buyers are still hesitant at this stage and are looking for more real-world use cases for cryptocurrency. "

Although it is different with previous sales, the current sell-off has similarities with last January's sales. It is very broad Over the past seven days, Bitcoin fell 12.10%, Ripple fell 15.94% and Litecoin fell 18.32% – see table 1.

And it has extended to the whole list of cryptocurrencies, with 93 of the first 100 cryptocurrencies losing ground – see Table 2.

This means that the money that comes out of the main cryptocurrencies is not reinvested in other cryptocurrencies. He is leaving the whole asset class.

This is what happened in January, see Tables 3 and 4. We all know what happened to the cryptocurrencies later.

Table 1

Price change in seven days for the main cryptocurrencies

Source: Coinmarketcap.com 11/14/18 at 09:30

Number of cryptocurrencies that have advanced / declined in the first 100 degrees

Source: Coinmarketcap.com 11/14/18 at 09:30

Table 3

Price change in seven days for the main cryptocurrencies

Source: Coinmarketcap.com 31/1/18 at 13:30

Table 4

Number of cryptocurrencies that have advanced / declined in the first 100 degrees

Source: Coinmarketcap.com 31/1/18 at 13:30

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any bitcoin.]