After falling over 20% in late September, there hasn’t been any good news for Bitcoin. The world’s leading cryptocurrency can’t stay stable for more than a few days seemingly stuck in a plummeting whirlwind. Just last week, it suffered another blow when everyone started trading sideways causing the market to turn red.
However, it was still over the $8K support. Right now, things are worse for the leading cryptocurrency which has taken a dip below $8,000. According to experts, it’s a sign that the bulls are far too exhausted defending the price level for that long. This could spell even more news for Bitcoin’s price in the coming weeks. Surprisingly, some analysts believe that good news is on the way, with some even suggesting massive highs by the end of the year.
The Crypto Market Expects a New Volatile Move
In the past 24 hours, Bitcoin has taken a rough 3% drop, currently floating above $7,900. Altcoins are feeling the heat as well. Ethereum is down by around 5% and Bitcoin Cash isn’t doing much better. The technical indicators are certainly gloomy and the market isn’t really optimistic right now.
Bitcoin bashers claim that going back to 3 figures soon is possible for Bitcoin. Although that’s far off if you ask us, notable crypto figures such as Peter Schiff project a collapse to below $2,000. With the downward trend of the world’s leading cryptocurrency and the state of the market, he could be right.
Sudden price drops have become a trend for Bitcoin and the fuel Bitcoin bashers need. As soon as there’s a price drop on the charts, they pop-up on media outlets to add fuel to the fire and foretell the death of Bitcoin. It has yet to happen, though, which shows that the market is resilient. Currently, whales are not likely to sell their coins even if BTC takes another major plunge. If they believe in it, maybe we should too.
Many cryptocurrency traders believe that the night is darkest before the dawn, voicing their support for a new Bitcoin explosion soon. It remains to be seen if the market experiences the highs of 2017.
Only 2 Major Cryptos Outperforming Bitcoin in 2019
Although it’s been a few months of doom and gloom for Bitcoin, the good news is that there are only 2 crypto assets outperforming it. When you look at it as a whole, it has been a very positive year for Bitcoin. Its high trading volume has stood the test of time unlike altcoins, which can live large for a month or two and then disappear.
The two cryptocurrencies in question are LINK and Binance Coin, two of the five stablecoins that can hold their ground against Bitcoin, at least in terms of real trading volume. BNB is up 42% this year since moving to its own blockchain, while LINK is up over 250% this year.
The meteoric growth of these two altcoins is great news for the crypto market. However, as we already mentioned, they are far too unstable to trade blows with Bitcoin. If you ask experts, the latter is here to stay.