What’s Next For The Crypto Market After Bitcoin Crashes to a Yearly Low
The flagship cryptocurrency sank to its lowest price in over a year on Wednesday, November 14, with the prices of other altocoins crashing heavily as well.
Amidst a massive sell-off, the total capitalization of the cryptocurrency market fell from $212 billion below $182 billion, losing staggering $30 billion in a matter of some 12 hours, with BTC market cap dropping below the $100 billion level for the first time since November last year.
Bitcoin Cash (BCH) recorded the worst drop on the day, falling by more than 19 percent at one point. Within a seven-day span, BCH dropped by over 50% against USD and by nearly 40% against BTC.
Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and Monero (XMR) were among other biggest losers in the CoinMarketCap Top10, with the prices of their respective coins dropping heavily. At press time ETH is changing hands at around $180 (-12,62%), LTC fell down to $43 (-13.36%).
Thursday morning at 09:00 UTC, Bitcoin was changing hands at $5,678 on average – a more than 10% decline on the day.
However, BKCM founder and CEO Brian Kelly believes that the strong movement has been exacerbated by low volatility of the recent months, while the upcoming Bitcoin Cash fork serves as a trigger.
“People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.,” he said on CNBC’s Fast Money.
Crypto melting down today and @BKBrianKelly takes to the charts to get to the root of what exactly happened. pic.twitter.com/O6bAZ0O4Nm
— CNBC’s Fast Money (@CNBCFastMoney) 14 November 2018
According to Kelly, this sell-off is going to be a short-lived event as the market will start recovery once the fork is over.
For some, the crash was something they anticipated and were well prepared for. One of these is Tone Vays, a renowned crypto trader and analyst. Vays, recently had his BitMEX account terminated after he criticized its support for the upcoming Roger Ver-led Bitcoin ABC over the Craig Wright-led Bitcoin SV chain.
He tweeted:
It’s 7am in Sydney, just woke up from a 4hr night of sleep & see #Bitcoin Down $500 & I have 3k notifications. $BTCUSD charts had ONLY warned u for 6 months this was coming. Normally I get up & start my work day, but my work day was preparing people for this day! So back to bed! pic.twitter.com/2mhkrNpyZI
— Tone Vays [@Bitcoin] (@ToneVays) 14 November 2018
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