The main Criptocurrency broke the support of the 5,000 dollars after several weeks stable.
The Crypto market in general lost, in a few hours, more than 21 billion dollars.
The crypto market experienced this Wednesday a day of negative results with Bitcoin falling below the US $5.800, which led to a downward trend in most crypto currency, displaying red numbers. Bitcoin (BTC) lost almost 10% to be quoted in USD 5.770, ether (ETH) fell 12.26% to locate in $183.54, Ripple (XRP) marked a decline of 13.76% ($0.44) and Bitcoin Cash recoiled 19.1% ($428).
The capitalization of the Cryptocurrency market went from 209 billion dollars, during the early hours of November 14, to US $188 billion during the afternoon, a fall of more than 21 billion dollars, that is to say about 11%, according to figures of CoinMarketCap.
Before the downturn, the bitcoin top quote was 6.371 dollars close to 1:00 in the morning (California time), and then collapsed to the $5.770 around the 9:00 in the morning. The capitalization of the main crypto currency of the market went from 110 billion dollars, to 100 billion dollars, a setback of 10%. Of the 100 crypto most important currencies, due to their volume in the market, 96 were throwing red figures. Those that lost more ground were WAX (22.93%) and IOST (21.22%).
Reasons for the Fall
One of the reasons that would have influenced the fall of the Cripto market would be to see that this Wednesday was defeated one of the futures of BTC in the Chicago Board options Exchange (CBOE), the largest market for financial options in the United States. This is the XBT/X8 that was quoted between 5,565 and 6,295. Other futures that follow are the XBT/Z8 with maturity on December 19, the XBT/F9 which expires on January 16, 2019 and XBT/G9 with cut-off date on February 13 of next year.
According to analyst Willy Woo, the market would bottom out in the second quarter of the 2019, and then climb consistently. In his Twitter account @woonomic, Woo said:
“I suspect the time to get to the bottom can be around the second quarter of 2019. After that we start the real band of accumulation, only after that, we will begin a long routine upward. “
In another message, this time quoting a tweet of his shared in September, Woo asserted that market indicators, published 2 months ago, were still at stake. At that time the analyst predicted the following: “Prepare for it. Our most likely way is to fall below the support of the $5,800 with some free falls (…). The following support is $4,900, which should slow down the fall, but 4,400 is the next real line of defense. ”
During the last 3 months the bitcoin price remained relatively stable with quotes ranging from 6,100 dollars, in mid-August, to 7,360 dollars in early September. In addition, between 1 October and Tuesday 13 November the value remained between 6,900 dollars and 6,354, with a variation of almost 600 dollars.