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The crypto industry has experienced another significant wipeout of around $5 billion that has affected Bitcoin (BTC), the flagship digital currency, gravely, placing it under the $3,500 level. At press time, the market cap is at $119 billion, falling $5 billion from Sunday’s (Jan 20) total of around $124 billion.
Since early last year, cryptoasset investors have been caught in prices declines, fake news, accounts of fraud etc. which have weeded out the weak speculators. Eventually, this has created a community of investors that more likely believe in the nascent technology or doubt that another wave of speculators will push the markets back to or above their antecedently accomplished all-time-highs.
Blockchain technology is being highly adopted in all corners of the world, but Italy seems to be running away from it. Citizens are not sure where exactly the country is heading, some think it's going back to year zero.
The crypto market has been unfavourable for the majority of cryptos such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin. But good enough, Bitcoin (BTC) has managed to increase by around 20% from December 17 when it was trading at $3,181 to December 20, 2018 trading at 3,801, at press time. Moreover, the rally seems to last as the price went up to $4,091 in a couple of hours. The recent crypto rally led the market cap not to fall below the valuation level of $100 billion.
On Monday, December 17, 2018, the crypto markets showed signals of a recovery, but the significant target was on Ethereum, which surpassed Bitcoin Cash in price for the first time ever since these two cryptos were created.
Over the last week, Bitcoin fell below the mark of $3,300. It even passed two support levels at $3,250 and $3,200, however, it found support above $3,120. Is it likely that Bitcoin will rebound in the short term?
The prolonged bear market has left traders with no hope at all. Now it is highly probable that the Bitcoin price will sink further and go down to $3,000 or even less. However, Bitcoin seems to resemble a lottery ticket and one never knows what it can bring.