Down by 1.37%, Bitcoin is trading at $6,273 while crypto analyst Willy Woo says, “timing for a bottom may be around Q2 2019.” Majority of the crypto market is in the red and wiped out about $7 billion from the total market cap. Among the top altcoins, Bitcoin Cash (BCH), XRP, Stellar (XLM), Cardano (ADA), and BAT are losing most of their values.
Bitcoin Bears to be in Effect Till Mid of Next Year
The majority of the crypto market is in the red right now. The leading cryptocurrency has been trading at $6,273 with the 24-hours loss of 1.34 percent. With a market cap of $109 billion, it has been managing the daily trading volume of $4.5 billion.
Bitcoin is trading below the $6,275 support level against USD. In the near term, BTC faces the risk of more losses below $6,250 support level.
Meanwhile, crypto analyst Willy Woo shares on Twitter that Bitcoin will remain bearish till the mid of next year, “Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards.”
He shared an elaborate thread to discuss this scenario:
So 30% think the bottom is in, 40% think more bear, and 30% are undecided.
People asked what I think. To me nothing has really changed, apart from some sideways nail biting.
I’ll repeat with updates… https://t.co/hhmyWXUoCF
— Willy Woo (@woonomic) November 13, 2018
Crypto Market in Red Today
The situation of top 5 cryptocurrencies is shown in the below-given graph:
When it comes to top altcoins, Bitcoin Cash (BCH) has lost most of its value by almost 9 percent in the past 24-hours at $475. This digital currency saw a huge surge last week on the news of its upcoming hard fork on November 15.
XRP is another top altcoin that is losing close to 5 percent while dropping below its crucial $0.50 price level. Despite a number of positive news in the form of Ripple CEO, Brad Garlinghouse talking about taking over SWIFT and that some of the largest banks using SWIFT are working with Ripple, XRP is falling in tandem with the crypto market.
After kicking out EOS from the 5th spot, Stellar (XLM) is in the red by 6.21 percent at $0.2485.
Meanwhile, Cardano (ADA) is down by 5.80% as the chair of the Foundation resigns, “Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation, has resigned with immediate effect. Pascal Schmid, Council Member, will take over as Chairman of the Foundation Council on an interim basis. The Foundation is working to supplement the Foundation Council with suitable persons as soon as possible.”
In the red by 11.15%, Basic Attention Token (BAT) has come down from its high. Meanwhile, the highest losses are borne by WAX at almost 20%.
When it comes to gains, Sirin Labs Token (SRN) is registering the highest greens by 12.56%. Tether (USDT) is also in the green by 0.33% but still below $1 at $0.989. This has resulted in the loss of about $7 billion in the total market cap.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com