Cryptocurrency Markets Consolidate Near 2018 Low

Market Updates

The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization.

Also Read: Crypto Exchange-Traded Product Live on Swiss Stock Exchange Next Week

Fork Drives New All-Time Price Lows for BCH

In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/USD – Bitstamp – 1HR

In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/USD – Bitstamp – 1D

When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/BTC – Bitstamp – 1D

Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion.

BTC Consolidates Below $6,000

Markets Update: Bitcoin Markets Consolidate Near 2018 LowLooking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at approximately $6,400. After a short period of consolidation, the markets then fell 9.5% from $6,460 to approximately $5,850 in less than three hours.

24 hours of sustained selling pressure then drove prices to set an annual low of $5,432 on Nov.15, before a sharp bounce found resistance at approximately $5,750. The aggressive sell-off saw the price of BTC drop approximately 15% in a single day. Since then, BTC has consolidated within a tight range of less than 5%, with prices hovering between $5,550 and $5,750.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BTC/USD – Bitfinex – 1HR

On Bitstamp, the dump saw BTC lose 16% in 24 hours, falling from approximately $6,210 to set an annual low of $5,200. Since then, BTC has hovered between $5,400 and $5,600. BTC currently has a market cap of roughly $97.25 billion.

Ripple Boasts Largest Altcoin Market Cap

Markets Update: Bitcoin Markets Consolidate Near 2018 LowXRP has again overtaken ETH to rank as the second largest cryptocurrency by total capitalization, a position it has held since Nov. 15 as of this writing. XRP currently has a market cap of $20.6 billion.

When measuring against USD, XRP has fully recovered from its 16% crash that transpired on Nov. 15, with prices currently hovering at roughly $0.517.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
XRP/USD – Bitfinex – 1HR

When looking at XRP/BTC, the Nov. 15 sell-off appears to have formed an inverse head & shoulder pattern on the hourly chart, priming the markets for the Nov. 16 breakout that has driven the price of ripple up to test resistance at 0.000093 BTC in recent hours.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
XRP/BTC – Bitfinex – 1HR

ETH/BTC Sees Low Volatility

Markets Update: Bitcoin Markets Consolidate Near 2018 LowWhen measuring against BTC, ethereum has held relative stability in recent days, with the Nov. 15 dump trading within a tight range.

As of this writing, ETH is testing support at 0.0325 BTC, with the current price action appearing to follow roughly two months of sideways consolidation following May through July’s heavy selling pressure.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
ETH/BTC – Bitfinex – 1D

When measuring against USD, the Nov. 15 sell-off drove an approximately 17% drop in the price of ethereum once support at $210 broke. After bouncing off a low of $170, ETH has since consolidated between $175 and $185.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
ETH/USD – Bitfinex – 1D

Ethereum is currently the third largest cryptocurrency by market cap with a capitalization of $18.17 billion.

Do you think the markets have posted their lowest position for 2018 or is more selling pressure imminent? Share your thoughts in comments section below!


Image courtesy of Shutterstock, Tradingview


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 63,199.00
ethereum
Ethereum (ETH) $ 4,214.86
binance-coin
Binance Coin (BNB) $ 486.35
tether
Tether (USDT) $ 0.999814
cardano
Cardano (ADA) $ 2.16
solana
Solana (SOL) $ 213.10
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.47
dogecoin
Dogecoin (DOGE) $ 0.263383
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 63,199.00
ethereumEthereum (ETH)
$ 4,214.86
tetherTether (USDT)
$ 0.999814
bitcoin-cashBitcoin Cash (BCH)
$ 623.40
litecoinLitecoin (LTC)
$ 195.42
bitcoinBitcoin (BTC)
54.262,91
ethereumEthereum (ETH)
3.618,90
tetherTether (USDT)
0,858444
bitcoin-cashBitcoin Cash (BCH)
535,25
litecoinLitecoin (LTC)
167,79
bitcoinBitcoin (BTC)
45,929.49
ethereumEthereum (ETH)
3,063.12
tetherTether (USDT)
0.726609
bitcoin-cashBitcoin Cash (BCH)
453.05
litecoinLitecoin (LTC)
142.02

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,125 0.30 % 4.27 % 2.50 %
Ethereum4,203.0 0.39 % 4.24 % 9.05 %
Binance Coin485.88 0.23 % 2.69 % 3.25 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.32 % 2.16 % 0.07 %
Solana211.35 0.68 % 10.89 % 32.20 %
XRP1.100 0.33 % 2.65 % 0.38 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2634 0.02 % 0.69 % 10.70 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,199.00
ethereum
Ethereum (ETH) $ 4,214.86
binance-coin
Binance Coin (BNB) $ 486.35
tether
Tether (USDT) $ 0.999814
cardano
Cardano (ADA) $ 2.16
solana
Solana (SOL) $ 213.10
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.47
dogecoin
Dogecoin (DOGE) $ 0.263383
usd-coin
USD Coin (USDC) $ 1.00