What Went Wrong In The Crypto Market?

The week looked like a record-breaking one for blockchain and its investors who had anticipated at least most cryptocurrencies, Bitcoin(BTC), and altcoins to attain unprecedented heights. In what has turned out to be a dramatic twist of fate, the reverse is the case at the moment.

The last 24hours have witnessed the fall in prices of BTC, Ethereum, and even XRP, which have all seen its record beaking price ascension as nothing but a fluke, at least for now. Analysts suggest that this price fall could tempt more investors into the market who may cash out big when the price goes up.

Bitcoin loses $3,000 in 48 hours

Bitcoin, which hit an all-time record of $19,480, has fallen about $3,000 in less than 48hours. It is worthy to note that this decline began overnight on Wednesday after the crypto giant hit the record high. The falls will be leading to losses for investors who want to sell at the moment.

In a review on his Twitter account, a crypto analyst, Lark Davis, suggests that he expects more dip in prices to come, at least in the next 48hours. His analysis predicts the prices will continue to fall and night eventually fall below 20%.

He concluded his analysis by advising that accumulating more BTC might be the best choice for crypto investors. XRP, who Coinpedia reportedly ended that its price trend was looking like it will hit peak or rock bottom, was eventually gaining astronomically.

Still, a crash was also experienced by the cryptocurrency. It witnessed a decline in price by at least 16%, and analysts are still optimistic that this decline will not last long as the stakes are still high to see XRP price surge. Analysts maintain that the price’s focus is yet to go beyond $0.5, which is not looking unlikely as it is still traded above that today.

Other altcoins record massive gains

Verge(XVG), which saw its prices gained more than 50% in one week, has not been spared from this decline that hit cryptocurrencies. XVG, whose price rose from $0.005218 to $0.010413 in 7days, currently looms around $0.006520, representing a 27% decline, and it can be concluded that it has also entered the correction phase like BTC. XVG investors are still optimistic and expect more investors to cash in on the cryptocurrency before a projected surge in its price.

Ethereum(ETH), which reached an all-time high of $600, has not also been left out of this rage that hit the crypto space as it has also seen a price decline of about 17% and currently trades a little less than $510 as at the time of writing. Like Bitcoin, Ethereum investor believes this is just an anomaly and expects the sudden downward spiral to stop soon.

The crypto community is currently not looking good for its investors but expects that this is just a correction phase. Analysts have projected that this phase will only bring in more investors into the crypto space and expect a bounce back to momentum before the end of the year.