RATE Group | Bitcoin Will Continue To Decline Below, $5,000 But Crucial Catalysts Exist
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Bitcoin Will Continue To Decline Below, $5,000 But Crucial Catalysts Exist

19 Nov Bitcoin Will Continue To Decline Below, $5,000 But Crucial Catalysts Exist

Posted at 20:34h in Cryptocurrency News by

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Plastic bit coin in corner with stone background and under water.Getty

Over the past five days, the cryptocurrency market has lost $41 billion of its valuation, as Bitcoin (BTC) dropped from $6,400 to $5,170.

BTC, which maintained a high level of stability from August to November in the $6,300 to $6,800 range, plunged by more than 19 percent within a five-day span. On November 15, sell volumes of BTC intensified to a point in which the daily trading volume of BTC across major cryptocurrency exchanges hit $8 billion.

Further Drop Expected

Speaking to Forbes, a cryptocurrency trader and investor known as Altcoin Thoreau stated that the cryptocurrency market has been on a bearish trend since achieving its all-time high valuation at over $800 billion in Dec 2017.

“Price tells us the trend has been bearish since crypto’s parabolic move and top in 2017. Though the market conditions are not the same if we compare the last parabolic move for Bitcoin in…

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