Altcoins and Bitcoin Going Through a Rough Patch
By Space Coast Daily // December 8, 2018
The volatile market of Bitcoin has finally come crashing down in the last couple of days. As predicted by the crypto experts, this day was inevitable, especially after the sell-off price of the assets came down to a great extent.
However, many are of the opinion that this is the best time to invest in Bitcoin and Altcoins. As Bitcoin reached a low of $5,300, experts are saying that new investors should grab this opportunity to make sure that they gain a lot in their first investment. They can always take the help of top trading brokers like Qprofit System to understand and monitor the market and also look for fruitful trading opportunities.
The fall of Bitcoin – the rise of Ethereum
It is fascinating that while one cryptocurrency saw a major downfall, another one recovered slightly even in this volatile market. BTC dropped to almost $5,300 from where it reached $5600, but the price of Ethereum recovered to $175.
However, it has still not been able to cross its record high of $190 which has become the resistance level. The ripple price has also seen a significant improvement with the price going up and above $0.460. Unfortunately, this too did not cross the resistance level of $0.480 or even $0.475.
Several investors made profits in this situation too. As Bitcoin reached $5,300, hundreds of buyers emerged and started investing. This is one of the reasons why the market ended at $5,600. The price that Bitcoin recovered became the profit of the investors.
Although the profit margin was very slim compared to the other trades, it showed the fact that if more people started investing in Bitcoin all over again, the market would go back to its stable state like before.
One crucial observation that the experts made was that the resistance level of Bitcoin which was fixed at $5,750 and $5,800 was not reached at any point.
The economists believe that if this resistance is reached, then no one will be able to stop the rebound of Bitcoin and it will again rule the crypto market like it did a couple of years ago. This is the testing time because the price of Bitcoin is going to fluctuate and it can go as low as $5,300 again.
Ethereum, on the other hand, is still fluctuating around the 170 and 175 marks. Its price is testing the investors because it went down from $175 to $170 and then recovered to $175 again.
Although the price is down by 1.5%, investors are hoping that it will reach the resistance level of $185. But the rise in price will take some time and the hope of reaching a record $190 is still quite far away.
Apart from Ethereum and Bitcoin, several other altcoins recovered slightly from 5 to 7% like WAX, GXS, DOGE, MONA, ZEN, XLM, MCO, ZRX, and DGB. The economists believe that there is a risk of the price of Bitcoin going further down, but the recovery from $5,400 to $5,600 is a sign that greater things are going to happen very soon.
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