Bitcoin falls below $5,000 for first time since Oct 2017


Bitcoin extends rout after cryptocurrencies plunge 12%

During this time, Bitcoin's market cap slipped below $100 million for the first time in 12 months, the currency is now funded by over $90 million, and with the price of Bitcoin now being $5,200, things don't look so good for the leading cryptocurrency with all this in mind.

Across the broader market, the reversal has seen Bitcoin's dominance rise to 53.2%, with the total cryptomarket cap falling to $180.48bn.

Bitcoin touched an October 2017 low and was trading at $5 235.17 at 6:44 am in NY, according to consolidated Bloomberg pricing. Now, in November, 2018, the people's currency is trading for as low as $5,320, a notable 70%+ drop in value. As Bloomberg reports, he explains that the "pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days".

When cornered by an enraged user who implied that Kraken's decision to side with Bitcoin ABC is biased, and has shortened profits for Bitcoin Satoshi Vision users, the exchange explained that it had not initially concluded on whether or not it would support Bitcoin ABC.

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According to CoinMarketCap data, the average price of a single bitcoin around the world on Monday hovered around $5,141.92 as of time of writing.

According to Mati Greenspan, an eToro analyst, if the support level of $5,000 doesn't hold, the next logical won't be until $3,500.

Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, said last week that the market is experiencing a "crypto civil war".

While the overall cryptocurrency market is in constant fluctuation, the reason for this dive likely has to do with the recent bitcoin cash fork.

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"When you do a software upgrade, everybody usually agrees".

To fund their operations, ICO projects have consistently sold ETH in the public exchange market, amounting to millions of dollars, intensifying sell pressure on ETH.

Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for Bitcoin to $15 000 from $25 000.

Cardano (ADA) is now at $0.06 against the dollar, a -15.15 percent change in the last 24h.

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Featured image from Shutterstock.

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