The latest market dip didn’t do well to the toppers as some of the top trading currencies lost their rankings while other like Bitcoin (BTC) touched new lows.
For Bitcoin (BTC) the last time when the crypto was valued at the price of around 5,500$ was back at the end of October when BTC still didn’t make it to its all-time high.
However, BTC touched a new low on November 15th as the crypto dropped to 5,555$ per one unit.
Moreover, ETH also lost -13% of its value in less than 24 hours going below the value of 180$ and still trading at around 178$ on November 16th despite the most recent dips.
In the last hours, Bitcoin is showing some improvements in the terms of collecting gains and trying to recover, which means that there are still vivid signs of recovery for the top largest cryptocurrency in the market.
Bitcoin (BTC) Touches a New Low in the Bearish Market
With the rough market dip that came approximately 48 hours ago at the time of this writing, Bitcoin declined to a new low of around 5,550$ per one unit.
Bitcoin even went below that price, which means that from a market capitalization of over 110 billion dollars, the top crypto is now down to a “bit more” than 97 billion.
The recent market dip was definitely a huge blow for investors who placed their investments in any of the top trading cryptocurrencies as the majority of cryptocurrencies was losing from -10% to -20% of their value.
At the current moment, BTC is showing over -12% of losses on the weekly basis, which means that Bitcoin is now almost -30% on its YTD charts and over -74% down since making it to its record price.
Bitcoin is Still Showing Signs of Recovery
Bitcoin, the first and largest cryptocurrency, is down by -12% during the last week, however, BTC is still managing to showcase some signs of recovery with the latest daily gains.
Ethereum is also following with around 1.60% of gains in the last 24 hours, as Bitcoin is showing nearly 2% of gains.
That means that BTC went from 5,555$ to 5,616$ in the course of the last 24 hours, implying that the rough dip that appeared on November 15th is slowly pulling back.
Hopefully, the market will continue at the current pace, pushing BTC up towards the value of 6,000$.
In the middle of the bearish market, it would probably be a difficult case to see BTC breaking the resistance of 6,000$ at this point, but not all is lost until BTC is showing signs of rebounding against the fiat.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
The frequent and debilitating market dips are most probably a product of the cryptocurrency market still non-established, so the cryptocurrencies are not performing at their best as seen during the end of the last year 2017.
However, Bitcoin still has some chances of having a major rebound by the end of 2018, as just as currencies can go down at an increased rate; we have seen the market more than once skyrocketing altogether on various occasions.