Bitcoin Sets Fresh 2018 Low at $3200, Altcoins Plunge

At the time of writing, Bitcoin Cash (BCH) is trading down 15% at its current price of $82, setting a fresh all-time-low. Ever since Bitcoin Cash’s hard fork …

Following its recent period of instability, Bitcoin has now plunged to new 2018 lows and has sent the altcoin markets spiraling downwards. Today’s drop has led the overall cryptocurrency market capitalization down to $102 billion, a level not seen since August of 2017.

At the time of writing, Bitcoin (BTC) is trading down nearly 6% at its current price of $3,230, down from its 24-hour highs of $3,430. Bitcoin’s previous 2018 low was set on December 7th when it fell to just under $3,300.

Analysts Expect Bitcoin to Fall Below $3,000

The market’s current instability is leading to a general consensus among analysts that it is only a matter of time before Bitcoin falls below the important psychological price level of $3,000.

While speaking about Bitcoin’s current price action, Nick Cawley, an analyst at Daily FX, said that based on his technical analysis, Bitcoin’s short-term price action is leading it towards $2,970.

“Bitcoin looks set to fall below $3,000 in the short-term with the $2,970 Sept. 15, 2017, swing-low the next target. Below here, horizontal support at $1,760 off the July 18 [2017] low comes into play in the longer-term.”

DonAlt (@CryptoDonAlt), a popular cryptocurrency analyst on Twitter, told his nearly-80 thousand followers that he also expects BTC to dip into the $2,000 region, with a good buy target being at the $2,700 level.

“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think 2.7k is an excellent place to buy if we should go there,” he said, further adding that right now is not the best place to add new short positions.

Altcoins Plummet Amidst Bitcoin Instability

Bitcoin’s instability has led the vast majority of altcoins to plummet, with Bitcoin Cash and Stellar Lumens leading today’s market plunge.

At the time of writing, Bitcoin Cash (BCH) is trading down 15% at its current price of $82, setting a fresh all-time-low. Ever since Bitcoin Cash’s hard fork event on November 15th, the cryptocurrency has been spiraling downwards, and is showing few signs of fundamental strength as it drifts lower.

BCH’s hard fork offshoot – Bitcoin SV (BSV) – also dropped significantly today and is currently trading down nearly 11% at its current price of $74.8. BSV is currently behind Bitcoin Cash’s market cap by over $100 million.

Stellar Lumens (XLM) is currently trading down over 11% at its current price of $0.098, and just set a new 2018 low around its current price levels.

XRP is currently trading down nearly 6% at its current price of $0.287 and is trading at levels not seen since this past September. It is important to note that XRP is still trading above its 2018 low, which was set at approximately $0.24 this past August.

Featured image from Shutterstock.

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Electroneum (ETN) Crypto Trading at $0.006189 – Down -7.31 Percent on Exchanges in the Last …

Electroneum (ETN) traded down -7.31 percent to American dollar during the last 24h interval ending 12:45 on December 14th EST. Electroneum …

Electroneum (ETN) Crypto Trading at $0.006189 – Down -7.31 Percent on Exchanges in the Last Day – Market Capitalization Reaches $52,819,951

December 14, 2018

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Electroneum (ETN) traded down -7.31 percent to American dollar during the last 24h interval ending 12:45 on December 14th EST. Electroneum currently has a total market capitalization of $52,819,951 and its twenty four hour volume is about $281,860. In the period over the past 7 days, Electroneum is 1.77 percent against the American dollar with a movement of -0.22 percent during the last hr.

Now take a look at how similar cryptocurrencies have faired since this time yesterday:

    Electroneum Info

    Electroneum has a max supply of 8,534,711,804 coins. It was launched on 3rd November, 2017.

    From cryptocompare: “Electroneum is the first cryptocurrency that is designed around mobile ubiquity.”

    Listed here are some good links should you wish to get more info about Electroneum:

    ETN: Info for Traders

    You can buy ETN at exchanges such as Liquid, Cryptopia, EtherDelta, and CoinBene.

    It’s not always possible to buy cryptos such as Electroneum right away using dollars. Investors wanting to attain ETN may possibly need to firstly buy Bitcoin or Ethereum using an exchange which has dollar currency trading pairs such as Coinbase or GDAX. Investors can then make use of this Bitcoin or ETH to buy Electroneum using one of the exchanges we outlined previously.


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Litecoin’s Charlie Lee is Disappointed with the Bitcoin Cash (BCH) Hash War Fork

The Bitcoin Cash ABC community and project are led by the Bitcoin Cash evangelist, Roger Ver and the co-founder of Bitmain, Jihan Wu. Miners …
Charlie-Lee-Is-Disappointed-With-The-Bitcoin-Cash-Hash-War

Charlie Lee, the creator of Litecoin recently sat down for a talk on the latest episode of Magical Crypto Friends with Samson Mow, Riccardo Spagni and WhalePanda. They discussed the latest development in the crypto ecosystem including the BCH hard fork that resulted in the formation of BCHABC(now simply known as BCH) and BSV.

The Bitcoin Cash ABC community and project are led by the Bitcoin Cash evangelist, Roger Ver and the co-founder of Bitmain, Jihan Wu. Miners supporting BCHABC include BTC.com, Antpool, and Bitcoin.com. This version of BCH aims to preserve the original functionality and vision of the Bitcoin Cash network and currently preserves the block size of 32MB. However, because the hard fork is technically an upgrade, there are some improvements.

Bitcoin Cash SV is supported and led by Craig Wright, dubbed “Fake Satoshi.” The miners supporting his vision include Coingeek and Bitcoin.org. The changes to Bitcoin Cash in this hard forked chain are far more dramatic than BCHABC’s changes. For one thing, block size has quadrupled from 32MB to 128MB. As well, changes to the protocol have been made to ease the transition to smart contracts on the BCHSV network.

Basically, the blockchain that receives the greatest amount of hash power (mining power) will become more secure with a longer blockchain. The network that fails to gain the majority of hash power will lose momentum and the miners will move on to mine the more successful and longer blockchain.

This, according to Charlie Lee was pretty disappointing. They even highlighted the centralized nature of Bitcoin Cash ABC. This was triggered by their checkpoint feature. The checkpoint demands formation of the first Bitcoin Cash ABC block as a new protocol rule. Any chain without this block would be considered invalid by the Bitcoin ABC software client. This has the consequence that rival miners will be unable to override the complete Bitcoin Cash ABC chain. This notably is one of the possible threats in a “hash war.”

According to the people on the panel Satoshi would have never approved of such a thing. Riccardo Spagni, the lead developer of Monero said:

“Monero still has checkpoints hard-coded checkpoints up to certain block ID. you know I mean I don’t think fundamentally is an issue with, that especially when you’re young, but I mean it needs to be done with a view to removing it that the issue here not checkpointing per se. it’s more this whole like large relay prevention thing which is dumb idea longitude”

To this Lee added:

“So basically like I think the whole the whole point of this decentralized consensus is based on this simple fact that anyone can spin up a node and know that they will be on the right chain right they don’t have to trust anyone.”

The panelists spoke about other various topics too in their insightful discussion. You can watch the entire episode on:

Bitcoin Cash Price Continues to Crater as Fork Aftertaste Lingers

Indeed, at that point, the two most prominent cryptocurrency hard forks — Ethereum Classic and Bitcoin Cash — had each proven to be a boon to …
bitcoin cash price crater bitcoin svbitcoin cash price crater bitcoin sv
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Around this time last year, many retail crypto investors subscribed to the economic theory that cryptocurrency hard forks — the ones that result in irreversible network splits and create new blockchains — were a net positive for their portfolios. “How could they not be?” they asked. “It’s free money!”

Indeed, at that point, the two most prominent cryptocurrency hard forks — Ethereum Classic and Bitcoin Cash — had each proven to be a boon to investors who held on to the coins on both sides of the split. However, both of those forks occurred either shortly before or amidst a historic crypto market rally that masked weak fundamentals in a variety of projects. Absent the sort of black swan event that the cryptocurrency market experienced last year, it seems that when it comes to truly contentious hard forks, the whole may be less than the sum of its parts.

Bitcoin Cash Price Craters in Month Following Fork

As evidence, one need look no farther than Bitcoin Cash (BCH), which is itself now reeling in the wake of a contentious hard fork that took place in the throes of a prolonged bear market rather than a retail-driven market upswing.

bitcoin cash price bitcoin pricebitcoin cash price bitcoin price
BTC/USD (blue) vs. BCH/USD (red)

Before the fork, the bitcoin cash price was trading near $500 with an ~$8 billion market cap that ranked fourth among cryptocurrencies. In the month since, BCH has declined to just $82 on Coinbase, representing a more than 80 percent decline. If one subscribes to the “Bitcoin Cash is Bitcoin” philosophy, then the bitcoin price is trading at its lowest price since early 2013. Even if you don’t, bitcoin cash has still fallen 98 percent from its all-time high and now sits at a record low.

bitcoin cash price bitcoin sv price chartbitcoin cash price bitcoin sv price chart
BCH/USD (blue) vs. BSV/USD (red)

Part of that lost economic value did not exit the Bitcoin Cash ecosystem completely but rather migrated to a separate BCH-derived crypto network.

Following the fork, that new cryptocurrency — Bitcoin SV (BSV) — was created, and despite some early struggles its coin price managed to catch up to BCH. At one point, bitcoin sv even surpassed BCH in total market capitalization, though it quickly slunk back below its older sibling and more or less faced a similar plight in the days hence. As of the time of writing, BSV was priced at $77 on Kraken, roughly $5.50 below BCH.

BCH & BSV are Also Plunging against Bitcoin (BTC)

However, the drop cannot merely be attributed to the general market decline, as the combined value of BCH and BSV has also plunged against market bellwether bitcoin (BTC). Prior to the fork, BCH was already trading near an all-time low at approximately 0.08 BTC. Now, bitcoin cash and bitcoin sv are worth a combined 0.048 BTC, and that number shows no signs of finding a bottom anytime soon.

bitcoin cash price bitcoin sv BTCbitcoin cash price bitcoin sv BTC
BCH/BTC (blue) vs. BSV/BTC (red)

It’s unclear what the future holds for bitcoin cash, bitcoin sv, and the crypto sector at large. However, at least right now, it seems that traders are not confident that both BCH and BSV can thrive over the long-term. Until the market can definitively sort out which of the chains is the true economic heir to the pre-fork BCH, both of them may be fated to play increasingly smaller roles in the crypto marketplace.

Featured Image from Shutterstock. Charts from TradingView.

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Scammers Sent Hoax Bomb Threats Worldwide Demanding Bitcoin

Bitcoin Cash also fell 13 percent, and many other major cryptocurrencies followed. The takeaway: advocates have long predicted that blockchain …

Bomb Threats

Ransomware that demands cryptocurrency payments in exchange for releasing infected computers is an old phenomenon.

Now that practice has a dark new twist. This week, scammers have started emailing bomb threats to hundreds of schools, hospitals, businesses and other public and private institutions in multiple countries, demanding bitcoin payments in exchange for not setting off seemingly made-up explosives. The threats caused mayhem. Entire blocks were shut down in several cities — a dark testament to the power of online anonymity.

No Terrorism Here

Emergency responders were dispatched in multiple cities across North America to investigate the threats — including a dozen threats in DC alone. Not a single bomb has been found at press time, leading authorities to believe the threats were an elaborate bluff.

The advice from the U.S. government: tell the FBI, and do not pay the ransom of $20,000 U.S. in Bitcoin.

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