The downwards spiral continues as the entire market is in the red. The market cap of the cryptocurrency market is now valued 117.9 billion dollars. The lowest point of the year was on November 25th, when the market was valued a bit over 115 billion dollars. With the downwards trend still so strong, it’s likely we haven’t hit bottom yet.
Crypto researcher Willy Woo stated back in November that bitcoin will see it’s bottom around the second quarter of 2019. Bloomberg analyst Mike McGlone believes that the current market momentum is likely to continue. He think that $1500 is a possible bottom target for BTC, which would be another 60% down from this point.
Bitcoin is now $3690, compared with a peak at $4472 one week ago and while it was still valued above $6400 little over three weeks ago. Stellar Lumens (XLM) and Bitcoin Cash ABC (BCH) have seen drops of over ten percent in the past 24 hours. Ethereum is down almost 9 percent, and XRP little over 4 percent. The only coin in the green in the past 24 hours is Bitcoin SV (BSV), which is up 21.6% in value.
Bitcoin SV now has a market value of 1.92 billion dollars. That’s just a little bit behind Bitcoin Cash ABC (BCH), which is now valued at 2.07 billion dollars. That Bitcoin Cash hard fork was the event that initiated that dramatic downfall of the cryptocurrency market.
“The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ‘It might be best if we stay away from this for a while.” – Mike McGlone, Bloomberg.
Other analysts are a bit more positive than McGlone. Anthony Pomliano from Morgan Creek’s Digital Assets division believes that the bottom will be around $3000.
Also published on Medium.