Is It Over Yet? Bitcoin Falls Under $4000 Hitting 14-Month Low

Roman Schwartz
November 26, 2018

Even bitcoin, the largest cryptocurrency by market cap, has hit a 14-month low, now changing hands at $4,340.

November's dip can now rightly be classified as one of the most significant, if not the largest, in the cryptocurrency market since its inception. At the moment, the market now stands below $128 billion, which is a decline of more than 30 percent over the past seven days. 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.

Well, as we near a year since numerous top tokens hit their all-time-highs, we've seen the prices come crashing down as more manageable expectations of the crypto market have seemed to prevail.

As per the data obtained from CoinMarketCap, EOS is now trading at $3.27 and has a decline of 8.24% in the 24-hour time frame. Further BTC price downfall remains quite in line with the overall market situation. BTC can also begin a demonstration of the stability at the low price range. Bitcoin's performance previous year was marked by a meteoric rise to the tune of £15,597.42 ($19,999) per token in mid-December and an equally spectacular crash days later. This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce,"This is about the fifth or sixth 75 percent-plus drawdown that we've seen in the 10-year history of bitcoin". The decline is getting worse, and many wonder if there is still hope for the digital currencies.

The market cap of BCH, however, increased to $2.99 billion while that of EOS lagged behind and is now at $2.96 billion.

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As we have seen, $6k was not the bottom, not even close to it. BCH prices pumped over 20 percent in the days leading up to the fork, creating a mild resurgence in the broader crypto markets.

The fall is the latest in a series of blows for the cryptocurrency, which has seen its value fall 33 per cent in the last week.

The decline in hash power comes primarily from miners who are now operating at a loss.

Will the cryptocurrency market rebound or continue to slide as Oanda believes?

Notably, Pompliano's comments regarding the digital currency investments have come as bitcoin's price has dropped below the $4,000 mark (on November 24th, 2018) for the first time since September of 2017. As the crypto bloodbath continues many people are asking if this period is different and if the BTC price will ever recover.

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