In the night from 24 to 25 November, the Bitcoin exchange rate fell below 4,000 US dollars. It has thus broken another long-term support. An analysis of the ongoing bear market.
Cryptosoft did it again
He fell, and he did it dramatically. Meanwhile, its price is moving below the 4,000 US dollar mark. The cryptosoft rate thus fell back to levels last reached in September 2017. At that time, these prices were already a result of the cryptosoft market induced by China.
This time, however, the situation is much more dramatic as a fundamental long-term support has been breached: To emphasize the significance, once again in words: With the current dump a support valid since October 2015 was breached. Talking out the fact that such prices could not even have been dreamed of at the beginning of January 2017 would misjudge the drama of the current situation. We are in another level of the bear market.
But not only Bitcoin has fallen, the entire crypto market has crashed further
So far, so well known. But that XRP, Ripple’s crypto currency, which is increasingly decoupled from Bitcoin, shares this downward trend is new. While XRP could hold itself in the past weeks over the moving average value of the last 20 weeks, the current Abverkauf brought also the XRP course again on the soil of the facts:
This was demonstrated by the trench warfare over Bitcoin Cash. Some of them were undoubtedly led at a questionable level. Nevertheless, the war is (for the time being) over and we have a new old crypto currency in the top 10: Bitcoin ABC. Whether Bitcoin Cash ABC will prevail or turn out to be a Shitcoin, remains to be seen: Every further development of the ecosystem has its part to play in the progress of the technological revolution.
On a positive note, however, the price continues to be higher than the support level pursued since mid-2017, which currently stands at 0.32 US dollars.