Market update: cryptocurrencies are still blood red

Market updates

As 2018 nears its end, cryptocurrency prices are falling again, after suffering significant losses from the start of the year. This Wednesday, December 5, the entire digital goods economy is valued at around $ 120 billion and most of the top 10 coins have lost 6-15% in value in the last 24 hours and 15-35% in # 39; last week.

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The best digital assets continue to lose value

Digital asset markets have returned to lows once, two weeks ago, and most cryptocurrencies have lost incredible value in the last 12 months. Just a few weeks ago, the bitcoin core markets (BTC) held a broader valuation than the entire market capitalization of all over 2000 existing coins, showing that much has changed. Furthermore, the top 20 coins are shifting positions regularly now that market limits have changed rapidly. When prices fall, the volumes of cryptocurrency trade increase, but this is not the case during today's trading sessions, with only $ 13 billion of cryptocurrencies traded in the last 24 hours.

The Bitcoin core (BTC) is currently trading for $ 3,780 and holds a market valuation of approximately $ 65.8 billion. The cryptocurrency has lost 4.8% today and 10% over the last seven days. The second largest capitalization captured by ripple (XRP) shows that the market is valued at $ 13.7 billion and an XRP is trading at $ 0.34. Even Ethereum (ETH) has seen better days as markets fall by 6.5% today and 13.6% this week. ETH is trading at $ 103 per currency and has already exceeded the psychological threshold of $ 100 a few times. Finally, stellar (XLM) still holds the fourth position in terms of market capitalization. The cryptocurrency is trading at $ 0.14 per currency and the markets have fallen by more than 6% in the last 24 hours.

Bitcoin Cash market share (BCH)

Bitcoin liquidity markets (BCH) saw the worst losses in the top 10 for the entire week and many supporters blame the November 15 blockchain division. The price of BCH is on average around $ 131 at this time and while it has not yet fallen below $ 130, it could easily. On Wednesday, the volume of Bitcoin reached about $ 93 million in the volume of global trade, a bit better than last week's statistics.

The first five exchanges that exchange the largest number of BCHs are Binance, Huobi Pro, Coinbase, Kraken and Hitbtc. An analysis from the Crypto Compare data website shows the highest trading pair with BCH today is ETH at 57.8%. The ETH / BCH volume is followed by the BTC (21.7%), USDT (10.8%), KRW (6%) and JPY (2.6%) pairs.

Technical indicators BCH / USD

Looking at the four-hour BCH / USD charts, bears have reduced BCH prices to fairly low values. The Relative Strength Index (RSI) shows oversold conditions at 17.82 and the stochastic oscillator shows similar results. The MACd indicates that the price has been planned for some rather deep levels per hour and a possible price increase could follow the short term but the volume did not appear.

The two simple moving averages (SMA) show that the long-term SMA 200 is still well above the short-term trend line 100. Of course, this indicates that the path to the least resistance is ultimately the downside for now . However, at the moment, orders books on both sides are strangely flat and this could mean that a move in any direction is possible.

The Verdict: Some Envision Market Uncertainty as a second chance

Many traders do not know what to expect later, with some predictions of greater crypto-market losses while others predict a trend reversal. Bitwise Asset Management CEO Hunter Horsley says there are multiple reasons why we are seeing a drop in cryptocurrency prices. This includes an extremely litchi bitcoin money fork that divides the fourth largest currency in the world, the recent enforcement actions of the SEC against ICOs and investors' tax collection sales, Horsley explained. However, he believes that digital asset prices are so low that they can offer retail investors another chance to get involved.

"The 68% reduction in bitcoin prices this year gave investors a unique opportunity to enter the market at prices that many thought we would never see again," concluded Horsley.

Where do you see the price of BCH, BTC and other coins from here? Let us know in the comments below.

Disclaimer: Price items and market updates are for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor is the author responsible for any losses or gains, as the final decision to conduct a trade is taken by the reader. Always remember that only those in possession of private keys have the control of "money".

Images through Shutterstock, Trading View and Satoshi Pulse.

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