Others cryptocurrencies follow the same way. Experts affirm that this market will be recovered for early 2019
During the last weeks of 2018, the price of Bitcoin in the crypto market has been more towards the tendency to collapse than to recover its usual rise.
On Wednesday November 14th, the most popular cryptocurrency had a value of USD 6,365 and for the night of 24th, just 10 days later, it fell below the USD 4,000 barrier, standing between 3,813.86 and 3,750; the lowest prices since September of the current year.
The causes of this fact, according to experts, are due to the distrust that still exists in some investors, the speculation by some sellers and the cancellation of Bakkt for 2019.
The digital currency market analyst Willy Woo predicted that there would be some falls during the end of 2018. However, he says the market will recover favorably during the first months of 2019.
“Our most likely path is to break the support of 5,800 with some free falls. The next support is 4,900, which should slow the fall, but 4,400 is the next line of real defense”, the researcher explained.
Looking for Stability
On October 31st Bitcoin celebrated ten years of existence, which have passed between ups and downs. The decline of this Saturday is 11.85% down from the $ 4,211.94 in which it was quoted.
These unfavorable behaviors are observed during short periods of time. This week, the first cryptocurrency in the world fell by 32%, in the last two weeks by $ 40.7, in 30 days by 41.4% and the last year by 54.1%, according to the app with graphs of currency classification, CoinGecko.
During the last 24 hours, the volume of Bitcoin transactions accumulates about 4,298 million dollars. In this sense, the capitalization of this cryptoactive is 66,546 million dollars, while the market capitalization of cryptocurrencies went from 135 thousand to 127 thousand million dollars, which represents a fall of 6%.
For today, Ripple (XRP) fell 6.76%, Ether 7.71%, EOS 7.89% and Bitcoin Cash 11.06%.
Use of Technology Increases
Not everything is negative. While cryptocurrencies continue their way towards stabilization, their technology has reached more and more fields of social organization, thanks to distributed accounting, that allows to store information of transactions made and protects them; once they are verified, to prevent the message or the data being violated.
Blockchain technology has been used to guarantee security in the sending of confidential information and even to verify the origin and correct progress in the distribution network of food products such as chicken reared without antibiotics. On the other hand, Lightning Network experienced a remarkable growth during 2018.
Analysts believe that the creation of Hard Forks leads to the creation of the so-called “existing money”, something that, according to some investors, would lend itself to corruption, as happens with the fiduciary currency.
In as much, the decentralized, safe and reliable system of the cryptoactives continues adding followers, in spite of its occasional intermittency. The increase in hashrate demonstrates the interest that miners have in providing support to the network that will continue to give something to talk about in the coming months.
By María Rodríguez