Bitcoin and Ethereum Price Forecast - BTC Prices Continue to Crash

Roman Schwartz
August 16, 2018

Bitcoin and the wider cryptocurrency market have taken a beating following an August 7 announcement by the US Securities and Exchange Commission, in which the watchdog said that it was delaying its decision on a proposed Bitcoin exchange-traded fund.

While the price of Bitcoin continues to show several ups and downs - the markets continue to show faith in the currency.

The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world's largest cryptocurrency within 2 percent of its 2018 low.

Bitcoin gained 1.24% on Sunday, following on from Saturday's trend bucking 1.5% rise, to end the week down 10.2% at $6,310.1.

As seen from the 3 months graph of the cryptocurrency dominance, it is clearly seen that Bitcoin's dominance has been increasing steadily and continuously. All the other altcoins constitute for the remaining 50%.

The last time Bitcoin dominance was above 50% was on 19th December, where it controlled 50.54% of the market.

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The year of 2018 has so far brought not a great deal of good fortune for cryptocurrency investors, as the market has pulled back nearly 70% from all-time highs reached at the end of 2017. Also, with loads and loads of ICOs being run on the ETH network and with many of them looking to unwind their positions worth millions of dollars, that has only served to put pressure on the prices even more over the last few weeks.

However, market analysts and experts such as Tom Lee, Mike Novogratz, and Peter Smith believe that the increase in Bitcoin dominance means that the market is getting ready for a turnaround.

The long wait for the Bitcoin ETF and a sell-off in Ethereum are behind the fall.

This led to Bitcoin dominance falling. However, this market dominance might not entirely be good news -at least not for the market as a whole.

The leading altcoins show a two-digits sell-off: Ethereum (ETH) has lost nearly 17%, XRP fell by 14.5%, and Cardano (ADA) has plummeted more than any other major cryptocurrency by nearly 20%.

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