For the first time since October 2017, top digital currency bitcoin hovered around the US$5,000 mark on Monday. This is the second time in a week that bitcoin has fallen to new 2018 lows.
Bitcoin is not exactly having the same year-end push as it did in 2017.
Case in point, the top cryptocurrency has reached new 2018 lows twice in the last week alone and, in turn, its lowest levels since October 2017. On Monday (November 19), bitcoin fell to US$5,101.87 as of 1:48 p.m. EST, according to data from CoinMarketCap.com.
Prior to Monday’s dip, bitcoin had tumbled below the US$6,000 mark for the first time in over a year on November 14 to US$5,646.97.
As of the time of this writing, bitcoin is down 9.13 percent over a 24-hour trading period and over 10 percent in the last five days.
“While most are blaming the Bitcoin cash ‘hard fork’ as a key player behind Bitcoin’s weakness, technicals could have played a role,” Lukman Otunuga, research analyst at FXTM, told Business Insider. “The weekly close under the $6,000 level was a bearish confirmation of further downside.”
“The cryptocurrency has scope to extend losses if sellers are able to conquer the $5,000 level,” Otunuga said.
According to eToro analyst Mati Greenspan, the next “logical level” of support for bitcoin is US$5,000. Should that not hold, the next isn’t until US$3,500.
“With all the falling prices lately, this definitely fits the definition of a buyers market,” Greenspan said, according to CNBC.
Unsurprisingly, other top cryptocurrencies were also down over a 24-hour period on Monday. Ripple lost 4.73 percent to US$0.49, Ethereum was down a significant 12.69 percent to US$154.30, Bitcoin Cash dropped off 9.26 percent to US$348.86, and Stellar dipped 9.95 percent to US$0.23, CoinMarketCap shows.
On that note, out of the 100 top cryptocurrencies, only six were in the green midday on Monday: Tether, which is the eighth top cryptocurrency, increased 0.13 percent to US$0.99; the 36th top cryptocurrency, TrueUSD. was up 0.14 percent to US$1.01; USD Coin, the 41st top cryptocurrency, was up 0.17 percent to US1.01; Paxos Standard, which is 47 on the list, was up 0.26 percent to US$1.01; Dai, all the way down at 64 on the list, was up 0.68 percent to US1.00; and, finally, Nasdacoin, the 88th top cryptocurrency, was up the most at 8.50 percent to US$2.62.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.