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Cryptocurrency Market Analysis: Is a bear market foreseen?

Bitcoin price improved more than 8% yesterday after the successful bitcoin cash hard fork completion. Earlier the price fell down from $6500 up to $5190.

The price of Bitcoin dropped more than 5% in the last 24 hours along with the major cryptocurrencies such as Ethereum and Ripple dropping more than 9% and 5% respectively. Other major coins such as Bitcoin Cash, Stellar, EOS and Litecoin showed massive bearish momentum falling from 5% to 15%. Ethereum is trading at a yearly low of $158. The total cryptocurrency market capitalization experienced a wipeout of approximately $15 Billion in just 24 hours.

 

BTC USD 5 day chart
BTC USD 5 day chart

Market Analysis

 

BTC USD yearly chart
BTC USD yearly chart

 

In December 2017, the cryptocurrency market experienced the largest market gain with all major cryptocurrencies rising massively. The market started to fall down in January 2018 and since then the market has not reached a proper support range. Based on the market analysis, the price of major cryptocurrencies may not face a good bullish momentum this year apart from the predicted rise during to launch of BAKKT in December.

 

Stock Market and Cryptocurrency Market Co-Related?

With the decrease in the price of major US market stocks, the stock market investors predict that the market may not see a bullish momentum soon and may face more losses in the coming time. The bear market of US stocks has also impacted the cryptocurrency market which has dropped majorly since the stock market crash.

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Written by Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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    Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

    Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

    The entire cryptocurrency market is in brutal red. Bitcoin is down 7.7% in last 24 hours, all the way down to $5197 as reported by Coingecko.

    All RED, Cryptocurrency markets in bloodbath and its scary