The Bitcoin (BTC)
-4.38 % price has slid another 5% today in the midst of the raging Bitcoin Cash
-16.55 % civil war . It is evident that the bears are confirming that they are not ready to relinquish their current domination of the market. The topmost crypto, Bitcoin
-4.38 % , seems to be sliding constantly every day.
In the midst of all these crypto market chaos , questions are emerging on the strength of the recent Bull Run. Will Bitcoin
-4.38 % slide to the $4,000 mark? Where will the markets settle? Will Bitcoin
-4.38 % lose the number 1 spot to XRP
-4.63 % soon? Data obtained from the Coinmarketcap revealed that all the top 20 assets by market capitalizations are getting mauled by the bears.
In the wake of all this plunging, the entire crypto market cap is down to below $175 billion USD, a yearly low. There is no end in sight due to the prevailing infighting between the newly created Bitcoin Cash factions . BTC
-4.38 % is currently hovering around $5314.50 -0.24% while all other major cryptos also experienced further drops after the weekend.
-4.38 % seems to have avoided more plummeting, hovering around the $5,200 levels in the wake of a $300 fall on Monday. The state of commotion reveals a disturbing trend that suggests BTC
-4.38 % may not maintain the $5,000 level for the coming days. The projection can be credited to the crumbling trading volume of BTC
-4.38 % that moved from approximately $7.39 billion, down to $4.73 billion in just five days.
Bitcoin Cash takes the Blame
Major exchanges have started indicating how they will handle Bitcoin Cash’s
-16.55 % controversial hard fork fallout. The official statements show no clear preferences among participants for Bitcoin Cash SV or Bitcoin Cash ABC. At the same time, both of them continue to vie aggressively for hashing power what might actually look a bit immature.
@rogerkver and @jihanwu
Do not give up yet – I want to bleed you dry. pic.twitter.com/kWJfxjJ3IQ
— Dr Craig S Wright (@ProfFaustus) November 19, 2018
Bittrex and Kraken exchanges support SV while Bitmain co-founder Jihan Wu has made it public his intentions to sell all his 1 million SV holdings token allocation in favor of ABC. Although the BCH
-16.55 % hovers in the ~$360 zone of moderate losses, analysts and experts are warning that more volatility is expected as the BCH
-16.55 % civil wars continue.
The market uncertainties are getting investors worried with many opting for a sell-off. For now, the best strategy to adopt is to wait and see how the BCH
-16.55 % hash-rate wars unfold.
The post Bitcoin’s Downward Mayhem Continues. Insights appeared first on Cryptovibes.com – Daily Cryptocurrency News .
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