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Bitcoin, Ethereum, Ripple Prices Slump; Market Valuation Crashes

Bitcoin, Ethereum, Ripple Prices Slump; Market Valuation Crashes

2018-12-14 10:18:00
Nick Cawley, Strategist
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Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis

  • Cryptocurrency market capitalization has halved in one month.
  • Support levels increasingly difficult to identify.

Cryptocurrency Market Set for Fresh Multi-Month Lows

The cryptocurrency market has lost 50% of its value in the last month as the steady grind lower continues, leaving technical support levels difficult to find. The market cap is expected to dip below $100 billion shortly, down from a peak around $830 billion in January this year, a drop of 87.4% in less than one year. Turnover remains low which suggests that buyers are becoming increasingly sidelined as valuations slump.

A Brief History of Major Financial Bubbles, Crises and Flash-Crashes

A report yesterday that blockchain investment firm Pantera Capital, one of the largest institutional owners of cryptocurrencies, warned that about 25% of the projects its ICO fund invested in may violate SEC regulations, leading to refunds for their clients.

Bitcoin, Ethereum, Ripple Prices Slump; Market Valuation Crashes

Bitcoin looks set to fall below $3,000 in the short-term with the $2,970 September 15, 2017 swing-low the next target. Below here, horizontal support at $1,760 off the July 18 low comes into play in the longer-term.

Bitcoin Daily Price Chart (July 2017 - December 14, 2018)

Bitcoin, Ethereum, Ripple Prices Slump; Market Valuation Crashes

Bitcoin, Ethereum, Ripple Prices Remain Weak | Webinar

Investors remain net-long cryptocurrencies but recent changes give us a mixed trading bias – for example the number of traders net-long Bitcoin has been trimmed back from last week. You can sign up to the IG Client Sentiment Indicator for free to get updated positioning data.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on the latest cryptocurrency sell-off? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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