Bitcoin exchange rate in two days fell to 2 000$, investors lock in profits
Mid-week the market has entered a new phase correction, which is associated with the doubts of investors about the future of cryptocurrencies. The total market capitalization after struggling for a threshold of $500 billion and fell again to $434 billion when it encountered resistance at around $12000 per BTC, a significant part of investors has preferred to fix profit. Course reference cryptocurrencies for a couple of days fell by almost $2000.After bitcoin pulled all the altcoins.
While some economists expect a new financial system based on “monetary electrical signals”, cryptocurrency show similarities with the stock market in the early twentieth century. The decline of the stock market also confirms the technical models inherent in the stock market. It is believed that if the price moves up, and the volumes are falling is a sign of imminent recession. This week, the cryptocurrency market showed just increase prices while reducing the volume, while reducing, by contrast, was supported by the volumes.
Correction of cryptocurrency can also be associated with the redistribution of resources. Large investors now investing in the ICO. According Tokendata, for the first 2 months of 2018 overlooking ICO startups were able to raise around $2 billion, whereas for the whole of 2017 attracted $5.7 billion Tokens to tens of millions of dollars from promising projects are bought sometimes for a few minutes is often a small group of “whales-investors.”
The whole cryptocurrency market at the time of writing are in the red zone. Bitcoin loses over the last 24 hours about 8% and close to the penetration threshold of $10,000. Ethereum is losing 2.77% and trading at $844, the Ripple rate declined by 7.74% and is trading at $0.94, Litecoin is losing nearly 11 percent and is trading for $196. Ended if holidays in Asia will not be able to create positive momentum for the market, likely more massive drawdown of cryptocurrencies and new lows.