Is there any possibility for the beaten down cryptocurrency market to rally in the final month of 2018? The crypto market bulls are in trouble after the latest bloodbath that draws an additional 30% of value from the crypto market.
Source:coinmarketcap.com
The crypto market hit the lowest level of the past fourteen months this week; both Bitcoin (BTC) and Altcoins contributed to the selloff. Bitcoin price plunged to a 14-month low of $4100 level on Tuesday, down 60% in the last six months and 80% since it traded around $20000 mark at the end of the previous year. The largest coin has been trading in the range of $4100 to $4500 over the past few days.
Crypto Market Today: All
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Altcoins lost more significant value than bitcoin. Bitcoin Cash (BCH) is among the biggest loser. BCH coin lost all the gains that it had generated since its launch in July 2017. Traders concerns over the hard fork have considerably impacted its price in the past two weeks.
Ethereum, the third largest coin, has also been feeling the heat of bearish trend throughout this year. ETH coin has hit the $1400 mark at the beginning of the year. At present, its price is down more than 90% from the all-time high.
When Will Cryptocurrency Market Rally This year?
Traders are unsure where the market would stand in at the end of the year; they are wondering whether digital coins would extend the downtrend or they had hit bottom and the upside movement is on the way.
The market pundit’s opinion is mixed on future price movements. Some are seeing the dip in prices as a perfect buying opportunity for savvy investors while others expect the downtrend to exist over the coming days.
Nigel Green, founder, and chief executive of financial advisory group deVere, said: “Just a few weeks ago crypto traders were airing concerns about the lack of volatility in the crypto market. Now volatility is back, and many savvy investors will be using this as a major buying opportunity, perhaps the last one of 2018. Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices to build their portfolios and shore-up their positions.”
Some market players, on the other hand, see more pain for crypto markets in the following months. They claim increasing regulators pressure on crypto exchanges could bang the trading volume; the SEC has already announced crackdown against illegal activities in cryptocurrency markets.
Lack of interest from hedge fund managers and institutional investors has also been impacting trader’s sentiment. The market is desperately waiting for the inflow of new investments to support the tumbling volumes and prices.
Mike McGlone, the Bloomberg Intelligence analyst, predicts BTC price to fall to the $1500 level in the following months. He stated: “The slump was sparked by the pump for the Bitcoin Cash hard fork.” “That pump that began a few weeks ago got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market.”
