The cryptocurrency market has been experiencing a bearish trend from the start of this year and the month of November has proved to be the worst of all. The price of all major cryptocurrencies is on a yearly low with bitcoin the dominant cryptocurrency is trading below the $4000 range. But is this the end for cryptocurrencies? Obviously not.
History of Bitcoin
Bitcoin has tackled more serious attacks in the past. In 2011 bitcoin had experienced the most major bearish attack with the price dropping from $30 to $2. At this moment most of the bitcoin followers were left with no hope and people started to believe that this was the end for bitcoin and cryptocurrencies.
Again in 2014, the most prominent bitcoin exchange in the world Mt Gox was hacked which again led to a serious price decline with the exchange of losing a billion dollars in bitcoin.
What’s ahead for Bitcoin?
Bitcoin price will likely experience the bullish momentum for quite sometime before reaching the next major support at $3000. The current market seems stable as bitcoin price went up from $3500 to $3800 but according to prominent cryptocurrency analysts, the current price rise is nothing but a dead cat bounce which means that the price rise is temporary and caused by speculators who are buying in order to cover their positions. The price will likely fall below again up to $3000 support and may even drop further this year due to the selling pressure. As most bitcoin holders have sold their holdings below the current price range, they would likely wait for the price to reach up to the next support range around $3000 and then major buying will most likely start.
Tether surpasses Litecoin
The market capitalization of Tether, the most controversial stable coin has surpassed Litecoin. This may be due to the intensive selling that is going on in the cryptocurrency market. Tether’s market capitalization has is the same as it was earlier and there was no significant change due to the market crash but Litecoin has experienced a major crash in market capitalization which was as high as $20 billion at the start of the year and now just $1.7 billion.
EOS about to surpass Bitcoin Cash
EOS, which is famous for a year-long ICO and a dream project for most of its investors is about to surpass Bitcoin Cash in market capitalization. Bitcoin Cash market cap has fallen rapidly due to the recent hard fork it went through splitting the coin into two: Bitcoin Cash ABC and Bitcoin Cash SV. The current market cap of Bitcoin Cash is around $2,928,139,819 and the market cap of EOS is $2,924,146,681 according to data from coinmarketcap. The difference in market caps of both is quite low and EOS may likely surpass Bitcoin Cash in near future.