Crypto News | Bitcoin Sell-Off Over?

Yesterday we reported on Bitcoin price hitting a 50-day low at $6,630. Although the price wasn’t that shocking, it did spark some fears and sensationalistic headlines. However, according to an analysis by Omkar Godbole of CoinDesk, the Bitcoin sell-off may be drawing to a close. The price rose to $6,950, looking tentatively bullish. However, there are some other things to take into consideration. Several indicators point to the fact that the Bitcoin sell-off will first continue during the weekend before making a reversal. So the bottom is still likely ahead of us, when the price reaches its February (and 2018) low between $6,600-$6,000. Later on, if BTC closes above $9,200, it will test a major resistance at $11,700. This is the big thing – only if Bitcoin manages to break above $11,700 can we expect an actual bull run. There’s a slight chance that things might go south, though: In case we see multiple daily closes below $6,000, the Bitcoin sell-off could go on for a while longer.

In spite of its poor performance, though, Bitcoin is far from being 2018’s biggest loser. In spite of a good January lookout, with Ripple toying with $3, things haven’t been going all too well. Bitcoin Diamond lost 98% of its value, trading at $2.19 after being worth more than $100. The runners-up are Bitcoin Gold (dropping to $45 from $500+), Einsteinium (from $2.83 to $0.11), and NEM (losing 89%, from $2.09 – $0.22, caused by the Coincheck hack). Cardano, Ripple, Digibyte, Bytecoin and Verge all incurred losses somewhere between 80% and 88%.

Although the cryptocurrency market is having a bad time, most experts predict that the majority of these coins will rally soon. In case that doesn’t happen, however, other altcoins will rise to claim their spot. New crypto startups are coming up with innovative solutions to ancient problems all the time. For example, CryptoPicture, a completely new project, allows businesses to buy ad space for ETH. They can calculate the amount that has to be paid based on the number of pixels their ad occupies on the screen. At the same time, Cisco filed a patent for the development of a blockchain-based application for confidential communications. It would seem that the crypto space will do just fine.

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Author: Max Rothstein

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