Bitcoin and Other Cryptocurrencies Break Crucial Levels As Crypto Market Slides Further
Even though many cryptocurrencies have hit their 2018 low, a few analysts are still positive on the long-term prospects.

It seems like there is no stop to the current meltdown in the crypto market and the bears are taking a big lead over the bulls. The overall market valuations have slipped under $300 billion as we can see that Bitcoin and many other cryptocurrencies have broken their crucial levels in the last 24-hours.

Bitcoin, which still enjoys the tag of world’s largest cryptocurrency by market cap was seen trading below $7000 for the first time since February 2018. Moreover, on the technical chart indicators, it shows that Bitcoin is approaching the “death cross” on charts. The death cross is an indicator where the 50-day moving average goes below the 200-day moving that indicates that a strong bearish momentum is about to come.

In the last 24 hours, Bitcoin price has crashed by nearly 15% where it was trading above $8000 the day before. However, it is not just Bitcoin alone which has corrected by this huge levels. Other cryptocurrencies like Ethereum and Ripple too have corrected significantly to hit their own 2018 low.

Ethereum started the year 2018 on a very good note and surged all way to hit its all-time high of $1400 in January 2018. However, since November 2017 for the first time, Ethereum is seen trading below $400 levels and the overall market cap of the cryptocurrency going below $40 billion.

Ripple too kickstarted this year on a good note and went to hit its all-time high of $3.81. Since then, the cryptocurrency has been moving sideways on a downside. Ripple too made its 2018 low slipping below $0.50.

The heavy correction in the crypto markets can be attributed to the ongoing regulatory pressure currently mounting in the cryptocurrency space. On the other hand, the crypto markets recently were hit after tech giants like Facebook, Twitter and Google recently withdrew all the cryptocurrency ads from their social media platforms.

Naeem Aslam, the chief market analyst at TF Global Markets, said: “Bitcoin is under selling pressure again and chances of its recovery are looking slim. It has slid significantly, since the tech giants’ ban on ICOs.”

However, there a few renowned and imminent analysts who are still bullish on the future and long-term prospects of Bitcoin. Fundstrat strategist Thomas Lee recently told his investors that even though the crypto bull run might not be visible in near time soon the pain is however largely over.

Bill Barhydt, CEO of Abra, an American Express-backed startup, believes that later this year Western institutional investors will start chipping in the crypto markets and the next phase of bull run is awaiting soon.

 

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