The markets see massive sell-offs, balancing Bitcoin below $ 5,600 for the first time in 2018


November 14: the crypto markets have suffered heavy losses in the last hours. The main market drop occurred between 10:30 (UTC -5) and 12:00, with some of the top 20 cryptocurrencies declining 18% at the time of printing, according to CoinMarketCap data.

Market display from Coin360

Market display from Coin360

According to data from Bitcointicker, after 11:00 (UTC -5) Bitcoin fell below the price of $ 5,600 for the first time in 2018, sinking further to $ 5,506 around 14:00. Bitcoin is now declining by about 11% on the day, trading at $ 5.612 at the time of printing.

Bitcoin price chart

Bitcoin price chart. Source: Bitcointicker

Ethereum (ETH), the second cryptocurrency by market capitalization, fell below the threshold of $ 200 and decreased by 13.4% in the day. The altcoin is trading around $ 179 at the time of printing, according to CoinMarketCap data.

Ethereum 24-hour price table

Ethereum 24-hour price table. Source: CoinMarketCap

The fourth highest cryptocurrency, Bitcoin Cash (BCH), sees the largest losses in the top 20 tokens by market capitalization. The currency, which is scheduled for an update likely to result in a difficult fork tomorrow, on November 15, is down more than 16 percent, and trades at $ 433 at the time of printing, according to CoinMarketCap.

The total market capitalization has fallen to $ 187 billion today, which is the lowest point since the beginning of November 2017, according to CoinMarketCap. At the time of the press, the total market capitalization slightly rebounded to $ 190 billion.

Annual graph of total market capitalization

Annual graph of total market capitalization. Source: CoinMarketCap

While the markets saw an immense sell-off, Bitcoin recorded growth in terms of market share. According to CoinMarketCap, the Bitcoin dominance rate rose up to 54%, while at the start of the day it was 51%. At the time of printing, Bitcoin accounts represent 53% of the market share.

Percentage of the 24-hour chart of the total market (prevalence)

Percentage of the 24-hour chart of the total market (prevalence). Source: CoinMarketCap

The recent market movement has been predicted by a number of industry experts, who also suggest that the bear market would last beyond this year. The technical expert Willy Woo, founder of data webstie Woobull, has recently expected that the end of the bear market could end "around the second quarter of 2019", based on "putting together the blockchain view:"

"After that we start the real accumulation band, only afterwards, we start a long fight at the top."

At the start of this year, the cryptor investor and founder of Galaxy Investment Partners Mike Novogratz predicted that Bitcoin will fail to beat $ 10,000 by the end of 2018, arguing that the opposite of the trend will occur in the second quarter of the year. 2019, when the sector will have more institutional involvement.

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