Bitcoin drops below $4000 as the crypto market takes another hefty beatingNaija247news


Today, we saw another hit to the market.

A lot of cryptocurrency enthusiasts have been using words like "carnage", "bloody" and "capitulation" to describe the recent cryptocurrency market downturn.

The digital currency space is an unpredictable one yet the year-long descending pattern has been steady and persistent leaving numerous to ponder where and when a portion of these best cryptocurrency settle down.

Despite XRP's advance in the market capitalization ranks, ETH, has recorded significantly more trading volume as of late.

Bitcoin's unprecedented drop has affected the entire cryptocurrency markets, with many altcoins setting fresh 2018 lows, including Bitcoin Cash (BCH), which is now trading at $180, and Ethereum, which is now trading at $109, slightly higher than its 2018 low of $100, which was set this past Sunday.

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Stellar (XLM) traded down 17.7% against the dollar and now trades at $0.15 or 0.00003758 BTC.

Bitstamp 4-hour BCH/USD on November 25, 2018.

Even with the contest resolved, Bitcoin Cash is down by more than 5% in the past 24 hours, amid a broader crypto market rout. Failing to break 9400 SAT would be likely to send Ripple to lower support areas: The 100 days moving average line around 8,800 SAT, 8,500 SAT and a strong support level at 8,000 Saturday. ETH price now is trading at $110 and is down by 9.32 percent with a market capitalization of $11 billion. Price is now testing this resistance and is deciding whether to make a bounce or a break. On the backside, things look a bit dreary as there are solid foundations between now and $145, but after that things begin looking slimmer.

The world's largest cryptocurrency is now 80 per cent below its high of $19,666 in December 2017. Top digital assets like BCH, BTC and ETH indicate there is pretty solid support at the current vantage point on the weekly's EMA200 and a bearish-to-bullish trend reversal could take place in a matter of days.

According to Bloomberg composite pricing, Bitcoin retreated as much as 7.6 percent on Friday, November 23, before paring losses to 3.7 percent at 9:04 NY. Nearly all of the top-twenty cryptocurrencies have recover between 7-12%, at the press time. We don't know where the end of this decline will be, but it surely is not at this time. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader.