Weekly Crypto Market Analysis: Apocalypse is upon us – Bitcoin hits a new low and Ethereum follows suit
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This Week’s Summary
Crypto Trends 18th – 24th Nov 2019: PERFORMANCE & ANALYSIS
The past week has seen Bitcoin go on a nail-biting rollercoaster ride. Some analysts believed that the most popular crypto will get a bullish backing to rise towards the $8,000 mark. However, as the week moved along, the value forecast went from bad to worse. On Friday, BTC hit the depressingly low level of $6,787.
The weekend seemed promising enough as Bitcoin surged back towards $7,800 only to drop on Sunday as low as $7,100 and baffling all investors in the process. There is still no official cause for this oscillation. One explanation comes from the CEO of Binance, Changpeng Zhao, who said that the fake news regarding the exchange’s Shanghai office imminent closing might have affected the BTC price.
Another reason for Bitcoin’s severe volatility is China’s approach to cryptocurrency. The second-largest economy in the world proposes a “Yes to Blockchain, no to Bitcoin” policy that affects worldwide trading.
While some bullish investors remain optimistic, others foresee a dramatic course for BTC value in the next few years. One distinguished analyst, The Moon Carl believes that we might see the world’s most famous crypto trade below $5,000 soon. At the time of this writing, Bitcoin was trading at $7,115.
According to coinmarketcap.com, the crypto market ends the week at a little under $200 billion. It is a remarkable decrease from last week’s value of $233 billion. The reason for this downfall is not on Bitcoin’s shoulders only. Ethereum and other altcoins have their share of the blame in the market’s poor performance for the 3rd week of November.
In the past two months, the Ethereum value was on a slow but steady rise. For weeks in a row, it aimed to pass the $180 mark, and some optimist analysts saw it go beyond $230 before the year’s end. However, in recent days ETH price dropped below the $150 support. Only in the past few days, it oscillated between a $170 high and a disappointing $130 low.
At the time of this writing, Ethereum trades for $147.28.
Elsewhere, Ripple saw the XRP ledger record a transaction volume that went beyond the 4 million mark for the first time. The staggering increase was more than double the previous record of 1.7 million worth of transactions that was set in January.
Ripple is in the afterglow of the SWELL event that took place two weeks ago. It surpassed 300 customers, and CEO Brad Garlinghouse claims that 2019 is their best year yet. At the time of this writing, XRP trades at $0.2289.
What’s in the News?
Next Week’s Market Forecast
In the upcoming week, Bitcoin should struggle under bearish domination. It might take a considerable charge from the bulls to take the BTC price over the $8,200 mark. Unfortunately, most analysts share this expert’s view that Bitcoin value might go as low as $5,100. Dire times are ahead for the most popular crypto out there.
Elsewhere, Ethereum is expected to recover and pass the $150 mark successfully. Any other threshold should lay far into the horizon for now, and the ETH value may not go above $170 again by the end of the year.