Bearish Cryptocurrency Market – What’s Going on?

Rate this post

During the last days, the cryptocurrency market has been experiencing a bearish market with important loses for almost every currency. Bitcoin, Ethereum, Ripple, Litecoin and others are operating in red because of different reasons. Will the market keep falling or have we just reached the end?

Cryptocurrency Market: Bitcoin

Bitcoin, the most famous cryptocurrency in existence, has suffered a 40% + correction. According to the Gemini exchange, Bitcoin reached $20,000 dollars on December the 17^th and arrived at $10,600 just some hours ago. Before reaching $20K, Bitcoin was in a bullish market that started at the beginning of December. When Bitcoin hit $10,000 dollars, it kept growing exponentially during 2 weeks until it reached the top.

The euphoric market before the latest correction, has been pumped by the Bitcoin Futures launching. The Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) started to offer Bitcoin futures to its customers. That would allow institutional investors and important funds to land in the cryptocurrency market. In finance, the markets anticipate to the facts, that’s why now many investors can be taking some profits.

Besides that, since 2013, every single December / January Bitcoin has seen a correction. Between 2013 and 2014 Bitcoin lost more than 50 percent of its value. Between 2014 and 2015, Bitcoin has also lost more than 50 percent of its price. In the next two years, 2015 and 2016 Bitcoin lost between 20 and 30 percent.

In the last days we have also seen how Coinbase added Bitcoin Cash to its platform. This generated volatility in the market that affected not only Bitcoin but also other cryptocurrencies.

Bitcoin Price

Ethereum

Ether has also experienced an incredible year, passing from $10 dollars per coin to more than $800 dollars some days ago. Vitalik Buterin’s creation has received an important support from different institutions and enterprises. But it could not resist Bitcoin’s crash. Ether has lost almost 30 percent in a few days, like Bitcoin.

Now it seems that it has recovered some of its price after this crash. It is being traded at $660 dollars at the time of writing this article.

Litecoin

Litecoin is one of the most known cryptocurrencies at the moment. It has been circulating since 2011 when Charlie Lee decided to create it. It is known as the Silver to Bitcoin’s Gold and it has also received an incredible support this year. It has grown more than Bitcoin itself passing from $4 dollars per Coin up to $400 dollars.

Charlie Lee has been involved in the last days in a strange situation when he decided to sell all his Litecoin. At CoinStaker we have explained this situation. He said that he will not leave Litecoin and that he is working hard to take it ‘to the moon’.

Litecoin has an incredible developer community that is innovating all the time. This year, Litecoin has successfully accomplished Atomic Swaps with other currencies like Vertcoin and Bitcoin.

This currency couldn’t stand this situation with Bitcoin and followed the downtrend. It has lost more than 50 percent during the last week. Now it is being traded around $180 dollars.