The cryptocurrency news over the past two days focuses on reds – where the Bitcoin price is still dropping and is right now at $3,871. Even though Bitcoin managed to slid to $3,678, the price has now corrected but no one knows whether this is permanent or only for the day.
Other major cryptocurrencies such as Ethereum (ETH) and Stellar (XLM) have declined by even more. The price of Ethereum, for example, dropped from $112 to the current $103 while Stellar managed to slid from $0.15 to $0.13 by over 13%.
The market lost billions and is now coming closer to the $120 billion mark, while many analysts expect Bitcoin to continue with this downward trend and potentially drop to $3,000. In the past 12 hours alone, the market lost more than $4 billion of its valuation as tokens lost on average around 10% to 20% of their value against the US dollar.
On November 25th, the price of Bitcoin (BTC) managed to plunge to its yearly low of $3,456 as many bears began to fuel one of the strongest sell-offs this year. Based on the intensity of the downtrend of BTC over the past two weeks, a drop to a new yearly low in the $3,000 region may be unavoidable, especially if the volume of BTC is considered.
Currently, the conditions of BTC remain oversold at ,800 and in the short-term, the crypto market could experience a minor recovery from its low price range.
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