The cryptocurrency market has experienced a bearish trend from the start of this year and the month of November turned out to be the worst of all. The price of all major cryptocurrencies is on an annual low with bitcoin the dominant cryptocurrency is trading below the $ 4000 range. But is this the end of cryptocurrencies? Obviously not.
History of Bitcoin
Bitcoin has faced more serious attacks in the past. Bitcoin recorded the biggest bearish attack in 2011 with the $ 30 to $ 2 price drop. At this time most of the bitcoin followers remained hopeless and people started to believe that this was the end for bitcoin and cryptocurrency.
Also in 2014, the most important bitcoin exchange in the world, Mount Gox, was compromised, which led to a serious decline in prices with the loss of a billion dollars in bitcoins.
What's in the future for Bitcoin?
The price of the bitcoin will probably undergo the bullish momentum for quite a while before reaching the next major support at $ 3,000. The current market seems stable since the price of the bitcoin has risen from $ 3,500 to $ 3,800, but according to the eminent cryptocurrency analysts, the current price increase is nothing more than a rebound of a dead cat, which means that the price increase is temporary and caused by speculators who are buying to cover their positions . The price will probably fall back to the $ 3000 support again and may even fall further this year due to sales pressure. Since most bitcoin holders have sold their positions below the current price range, they are likely to wait for the price to reach the next support range of around $ 3000, and most important purchases will therefore begin.
The halter surpasses Litecoin
The market capitalization of Tether, the most controversial stable currency, exceeded Litecoin. This could be due to the intensive sale that is taking place in the cryptocurrency market. Tether's market capitalization is the same as before and there have been no significant changes due to the market crash, but Litecoin experienced a sharp fall in market capitalization which was as high as $ 20 billion at the start of the year. 39; year and hour only $ 1.7 billion.
EOS is about to overcome Bitcoin Cash
EOS, which is famous for a one-year ICO and a dream-like project for most of its investors, is going to overcome Bitcoin Cash in market capitalization. Bitcoin The cash market has declined rapidly due to the recent hard fork that went through dividing the currency into two: Bitcoin Cash ABC and Bitcoin Cash SV. The current market capitalization of Bitcoin Cash is about $ 2,928,139,819 and the market capitalization of EOS is $ 2,924,146,681 according to data from the coinmarketcap. The capitalization difference of both markets is quite low and probably EOS will probably exceed Bitcoin Cash in the near future.