With Bitcoin (BTC) dropping below $4000, the crypto market has continued with the bear trend into the month of December.
After the low price volatility of recent months, where the value of Bitcoin fluctuated, dropping below that of tech stocks, it looked like the cryptocurrency markets were going to experience an upward movement in November.
Bitcoin (BTC) Price Today – BTC / USD
The influx of investment was partly driven by Bitcoin Cash as buyers were anxiously anticipating the minting of the new coins following its November 15 hard fork.
However, the reverse was the case, with the value of the coin plummeting in the hours, which led to the split and involving most of the market. Rather than provide a resurgence to market prices, the split of Bitcoin Cash into Bitcoin SV and ABC led to an increased degree of investor uncertainty, which led to the drop in prices.
A hash war was created by the two camps led by Craig Wright and Roger Ver, which gave a wrong attention for cryptocurrencies. Along with other altcoins, Bitcoin plumetted, and in less than 14 days, almost $100 billion was wiped from the market cap.
This 2018, BTC has experienced a steady price erosion, falling from its $20000 all time high attained at the end of 2017 to a stable value around $6500. However, Bitcoin has dropped further to $3500.
Bloomberg reported that, Bitcoin’s most recent fall in price was as bleak as investors viewed it, with November being the worst month for the cryptocurrency for the past 7 years.
Galaxy Digital’s Mike Novogratz admitted to the steep fall in cryptos’ value and his crypto-based fund. He said: “It has been a horrible bear market in tokens.” As long term investors continue to face issues with the prices of tokens, blockchain growth and adoption is a positive for crypto advocates to hold on to.