Bitcoin, Bitcoin Cash, Ethereum, Ripple: prices, charts and analysis
- The cryptocurrency market reaches a new low in 2018 and market capitalization could fall below $ 100 billion.
- Bitcoin Cash (BCH) is in freefall.
Lower cryptocurrency market
The cryptocurrency market as a whole has set a new low for 2018, with a market capitalization that has shrunk to just over $ 108 billion, from $ 835 billion at the start of the year. Turnover has grown with the downturn in the market – a negative sign – while many of the graphs do not have solid lines / areas of support that are clear and qualifiable.
The news that the SEC had once again delayed a decision on VanEck's bitcoin ETF until the end of February 2019 brought down the market. The SEC said it is "It is appropriate to designate a longer period within which to issue an order that approves or disapproves the proposed rule change so that it has sufficient time to consider the proposed change of rules." Concern for ETF VanEck is that continued market volatility will make it more difficult for the SEC to allow it to issue an ETF.
Many of the top 10 scramblers suffer double-digit losses in the last 24 hours, eliminating weak support levels along the way. Bitcoin (BTC) continues to trade towards support at just under $ 3,000, and if this breaks on July 16, 2017, the $ 1,780 minimum comes into play. Ethereum (ETH) currently trades around $ 84 and is now looking at the May 2017 minimum at $ 62, while Litecoin (LTC) is trading at $ 25 and may drop to a May 2017 low around $ 18. Bitcoin Cash (BCH) ) was probably the biggest faller in recent weeks, rising from $ 634 to $ 100 in just a month.
Investors remain net cryptocurrencies but recent changes give us a mixed trading bias – for example, Bitcoin net-short traders are on the rise compared to last week. You can subscribe to IG Sentiment Indicator of the client free to get updated positioning data.
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What's your opinion? on the latest cryptocurrency sales? Share your thoughts and ideas with us using the comments section at the end of the article or contact me on Twitter @ nickcawley1 or via e-mail at address [email protected].
— Written by Nick CawleyAnalyst.
