Of all the major cryptocurrencies, Bitcoin has seen the smallest decline in value. Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), EOS, and many other assets lost between 7% and 15%.
The cryptocurrency market has been generally bearish since the beginning of 2018, and has not shown adequate levels of recovery since then.
For more than six months, the bears were unable to push the BTC price below $6,000. According to CCN, there are two possible scenarios for BTC price action this week: either the price will break through the $6,000 mark and consolidate there, or it could fall to $5,000.
Given the current market conditions, a significant surge in value is unlikely. However, a slight increase in value until early December due to the hype around Bakkt remains possible.
As BTC, which remained stable from August to November, fell in value against the US dollar, other cryptocurrencies are also unable to maintain the bullish momentum. Even the value of the Ripple currency, which rose by 8% on November 18, fell by 7%.
The largest technology companies like Nvidia lost from 10% to 30% due to the lack of demand for cryptocurrency miners in the United States. According to CNBC, 25% of wealthy stock market investors believe the bull run in the US stock market will soon end.
The decline in the value of stocks and other types of traditional investments has provoked a fall in the value of cryptocurrencies, which in the eyes of investors are still considered transactions with high levels of risk and high profitability.
According to ccn.com
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