Bitcoin (BTC) Below $8,000, Drags Entire Market Down
Cryptovest
Published May 23, 2018 04:29AM ET
Bitcoin (BTC) Below $8,000, Drags Entire Market Down
Bitcoin (BTC) is once again re-shuffling the deck with a turn of trends. While the asset almost recovered to above $9,000, sudden weakness saw it slide below $8,000 in the latest mid-week market shakedown. BTC lost around 4.5% in the past day, to hover around $7,964.32, on thinning volumes of $5 billion, just a quarter of the trading levels at peak prices.
!Bitcoin!
Since the landslide at the beginning of the year, Bitcoin has been seeking direction, and it turned out to be a slow downward drift. BTC still commands high market prices, but the slide to lower levels may remain, as it has happened in past years.
https://twitter.com/sthenc/status/998599507796377600
Not even the support of the Japanese Yen has managed to lift the fortunes of BTC. Right now, more than 55% of all BTC trades are against the Yen, and less than 20% against the US dollar. Tethers are propping trading up, but making up around 15% of BTC volumes.
At the same time, altcoins are sold off for BTC, lifting the dominance of BTC in terms of market capitalization to 38.3%.
What is even more curious - the entire crypto market has stagnated again, following a series of bad news. The entire crypto market trading, habitually above $20 billion in 24 hours, has now slid to $16 billion, lower than Bitcoin trading on a good day.
https://twitter.com/BitcoinDood/status/999143391794524160
Right now, the predictions see BTC sliding even lower, and seeing some accumulation before another significant jump. Some believe the leading crypto coin could reach as low as $7,200. At the same time, several coins are attempting to chart their own path, especially those that have a higher share of fiat trading, or Tether (USDT) trading. Yet as BTC slides, more altcoins may be sold to acquire BTC positions.
Bitcoin Cash (BCH) is also tracking down from recent peaks, possibly sliding below $1,000 if the downward trend continues. BCH trades around $1,098.78.
This article appeared first on Cryptovest
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