Published: Thu, August 16, 2018
Finance | By Claude Patterson

Bitcoin and Ethereum Price Forecast - BTC Prices Continue to Crash

Bitcoin and Ethereum Price Forecast - BTC Prices Continue to Crash

Bitcoin saw another uptick in today's early trading, with its price rising to an intraday high of $6,464.25.

However, now that they've seen the crypto market shed over $600 billion since January 2017, many VCs may just decide to dump their Ether and/or ERC-20 tokens because they might not be able to stomach more losses.

The last time Bitcoin dominance was above 50% was on 19th December, where it controlled 50.54% of the market.

For the broader market, it was a particularly tough week, Bitcoin's dominance rising from a start of a week 47.3% through to 51% at the time of writing, with the cryptomarket total market cap sliding from $259.99bn to a low of $206.97bn before recovering to $214bn levels.

The price of cryptocurrency Bitcoin fell to below $6,000 (£4,700) on Tuesday as the cost of other cryptocurrencies declined by billions of dollars amid a new sell off.

Moreover, since the ICOs had their tokens on the Ethereum platform which is driven by the price of Ether, a spiral effect of sell-off is thus created wherein the market cap of those projects are all going down at a higher speed creating an overall negative sentiment.

However, market analysts and experts such as Tom Lee, Mike Novogratz, and Peter Smith believe that the increase in Bitcoin dominance means that the market is getting ready for a turnaround. However, this market dominance might not entirely be good news -at least not for the market as a whole.

It's unlikely that recent global market turbulence, fuelled by Turkey's currency crisis.

Early this month, the SEC delayed a decision on a proposed bitcoin ETF submitted by money management firm VanEck and crypto startup SolidX. Ether now makes up about 14%, while Bitcoin accounts for 54% after falling less quickly than its smaller peers, according to Coinmarketcap.com.

The leading altcoins show a two-digits sell-off: Ethereum (ETH) has lost nearly 17%, XRP fell by 14.5%, and Cardano (ADA) has plummeted more than any other major cryptocurrency by nearly 20%.

Like this: