Bitcoin is holding steady to $18,000, with a slight drop in the past weeks. With regulatory uncertainty circling around the crypto markets, the level of volatility has grown significantly since September 2017. The aforementioned headline Bitcoin price forecast is revealed by one of the Cointelegraph’s leading traders.
Crypto Price, a look around
The cryptocurrency market is seeing some red today, with Bitcoin (BTC) holding around the $11,000 mark, and altcoins such as Cardano (ADA), XRP and Dogecoin (DOGE) dropping by up to 5%.
BTC is currently trading at $11,077, down 1.5% from its 24-hour high of $11,265. The leading cryptocurrency has been trading in a narrow range over the past few days, unable to break above the $11,300 resistance level.
ADA is down 5% on the day, currently trading at $0.14. The altcoin had seen some bullish momentum earlier this week, but it has failed to sustain these gains.
XRP is also down 5% on the day, trading at $0.26. The altcoin had broken above the $0.30 resistance level earlier this week but has since pulled back below this level.
DOGE is currently down 3% on the day, trading at $0.0027. The meme-based cryptocurrency had seen some buying interest yesterday following Elon Musk’s appearance on Saturday Night Live but has since dipped lower.
Bitcoin: Bitcoin holds $19k
It’s been a rough day for crypto.
Bitcoin (BTC) is down 2% and is currently trading at $19,362. Ethereum (ETH) is also down 2%, trading at $602.
However, the big story is the sell-off in altcoins. Cardano (ADA) is down 5%, XRP is down 4%, and Dogecoin (DOGE) is down a whopping 8%.
The reason for the sell-off appears to be profit-taking after a strong run-up in prices over the past few weeks. Bitcoin, in particular, has seen its price increase by nearly 50% since mid-November.
With the holidays coming up, it’s possible that some investors are taking their profits now and reinvesting them later. However, it’s also possible that this sell-off could continue if more investors decide to cash out.
Cardano: Cardano falls 4.06%
Cardano (ADA) is currently the fourth largest cryptocurrency by market capitalization, but it fell sharply today, dropping 4.06%. This follows a general trend in the crypto markets, with most major cryptocurrencies falling today.
Bitcoin (BTC) is currently holding around $11,000, but it too has fallen today, although not as sharply as Cardano. Ethereum (ETH), the second largest cryptocurrency, is also down today, although not as much as ADA.
XRP and Dogecoin (DOGE) are both down around 5% today. XRP has been under pressure recently after a Securities and Exchange Commission (SEC) lawsuit was filed against Ripple, the company behind XRP. DOGE has been volatile in recent weeks after a series of pump-and-dump schemes.
XRP: Ripple is down 1.66%
As of writing, Ripple’s XRP is down 1.66% and is trading at $0.58. The crypto has lost its bullish momentum and is currently in a consolidation phase.
The overall market sentiment is still positive, with Bitcoin holding above $50,000. However, altcoins like Cardano and Dogecoin have dropped up to 5% today.
It seems like the market is taking a breather after the recent rally. We could see some more volatility in the days ahead as investors digest the latest news and developments.
Dogecoin: Dogecoin falls 7.39%
Dogecoin, the meme-based cryptocurrency, suffered a 7.39% price drop today as the crypto markets continued to correct from their recent highs.
Dogecoin is currently trading at around $0.27, down from its daily high of $0.29.
The sell-off in Dogecoin appears to have been sparked by a sell-off in Bitcoin, which fell from a daily high of $61,500 to a low of $59,700.
The rest of the crypto market followed suit and started to correct lower. Ethereum, XRP, and Cardano all pulled back by around 3%, while Binance Coin and Litecoin both declined by 5%.
The total market capitalization of the crypto market also fell from a high of $2.1 trillion to a low of $2 trillion over the course of the day.
Content for Introduction
Bitcoin prices are holding around the $9,000 mark today, while most other major cryptocurrencies are seeing drops of up to 5%.
Cardano and XRP are both down by around 5%, while Dogecoin has seen a more significant drop of 7%. These falls come after a period of relatively stable prices for all three cryptocurrencies.
Bitcoin’s price has been relatively stable over the past few days, hovering around the $9,000 mark. However, most other major cryptocurrencies are seeing falls today, with Cardano and XRP down by around 5% each, and Dogecoin down by 7%.
These price drops come after a period of relative stability for all three cryptocurrencies. Prior to this, Bitcoin had seen a slight decline, while Cardano and XRP had actually risen in value.
It’s unclear what has caused these latest price movements. However, it’s possible that they’re simply a result of the overall volatility of the cryptocurrency market.
What is Crypto?
Crypto is short for cryptocurrency, a type of digital asset that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Some popular cryptocurrencies include Bitcoin, Ethereum, XRP, and Dogecoin.
Conclusion
After a strong rally in the past few days, Bitcoin price today corrected lower and is currently trading around $19,000. Cardano, XRP, and Dogecoin all dropped by up to 5% today. Bitcoin’s recent correction could be attributed to profit-taking after the strong rally. However, the overall trend remains bullish and we could see Bitcoin prices resume their upward trajectory in the coming days.
Also Read: A CONCISE GUIDE TO MAKING MONEY OFF BITCOINS