The recent drop put bitcoin briefly down almost 18% from it's all time high.
Usually once an asset drops 20% from a recent high, it is said to have entered bear market territory.
Interestingly enough, bitcoin found support just before it could breach that 20% threshold.
Why the drop?
It looks to be good ol fashion profit taking as prices have shown some reluctance to charge much past $20,000.
The altcoin market had been booming over the past few days as traders likely diverisified some of their bitcoin gains and put that money to work in other coins.
LTC and Ether have been the primary beneficiaries, but many altcoins were at or near their all time highs. Including steem and sbd.
Overall the entire market cap of the cryptocurrency space still stands around $600 billion. A level it breached for the first time yesterday.
Sadly, steem is only sitting at #34 of the largest crypto market cap list. Worth about half of what bitshares is currently worth and 1/10th of what EOS is worth.
Things that make you go.... ugh.
Stay informed my friends.
*By the time I've finished writing this, bitcoin has already rallied about $600 off of those lies. The dips are still being bought fast folks.
Follow me: @jrcornel
This is the most beautiful thing I've seen in a long time. I've been wanting to BTFD for some time.
Eh... if anything we need this retrace (if you can call it a retrace) to build a solid foundation going into 2018
Yea, a correction before the new year makes sense. Positioning into new altcoin project for 2018 myself.
which means now is the time to buy bitcoins
as the bitcoins are droping
That didnt stike my mind at first, yea, the perfect time to buy some but still doesnt want to risk a very high amount in my very early ages!
There are news that the BitCoin will be $ 100,000 in 2018 . You can follow me for BitCoin news
And you believe that forecast?
Lol $100,000 for one bitcoin is nothing but hype feeding
LOL ikr?
lol, unfortunately, if the hype turned real, all the Bitcoin millionaires will become Trillionaires!
BTC still dropping. Around $17100 right now. Profit taking to be expected.
Consolidation 📉!!
It's like the wild west of currency
Such a good analogy
I should buy some steem on the next bitcoins all time high. steem will take off very soon
I'm sure Steem will move from # 34 to # 20 or even up to # 15
Because the Steem chart is starting to grow.
Agree, steem is undervalued.
That is sad about Steem at #34. Great time to load up. The Bitcoin market was pumped up for the futures debut. It will find some steady ground soon. Although I think some of the other projects will start to steal market cap. I don't think Bitcoin will go away but it's power will be significantly diluted in the upcoming months. Congrats to the followers that held out to this point.
It would be great to buy a little more, but the fees are insanely high atm!..
don't worry hold bitcoin.....
great update, thanks for this valuable informative post.
Things that make you go.... ugh.
?
Steem tripled in price. Why so sad?
what you mentioned is all right, I think BTC could drop ore than 20%,, there should be a time for BTC to get down a bit so lots of buyers who are waiting to buy in the right time will enter the market
Thanks for the info
This is great to those of us who have been patient :)
so volatile market
It dropped only to raise again! The market is volatile, it goes up and down and we shouldn't get scare about it. My bet for 2018 would be that the bitcoin would reach 50k per token, so the investment in it is still feasible.
Dips are viewed as a gift these days!
Good post, I am keeping a close eye on this. I happened to be at my computer (by chance) for the ridiculous pump on BCH following the actual Coinbase app update, right up to $4000.... whilst BTC plummeted almost 20%... now both coins somewhat reversed these dramatic changes, but this market is still so incredibly volatile, it is hard to keep up!!
Reading the charts and using basic logic, this drop was inevitable.
However as it bounced of right at my target i'm still very hopeful that we'll be back up there in no time and even higher.
The big boys are just taking profit and probably hoping for new weak hands to sell to increase the margin even more.
HODL is key!
I recommend checking this 'prediction' out, couldnt explain it better myself: https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-alternate-count-was-executed-precisely.
@jrcornel Thank you for staying up to date. I believe this is permanent. It will soon be back on track to 20k. Concerning 2018, I believe we will witness another 2017 skyrocketing.
what is it ??
Fingers crossed for a repeat of 2017 next year.
Altcoin market is flying! But the alts do look very over extended. Seems like many just trying to catch a wave on them and making some overvalued currently. Just my two cents tho.
great article! keep up the great work!
It took a drop because one of the Co-owners sold all of his assets and made public he doesn't see any future in the coin. Talking about bad news HUH!
Luckily it stabilised quickly because the people still think it is a worthy investment.
Co-owners? Don't read Unilad.
Yeah, srry, I meant Co-founder, and it was on the news here in Belgium, not that it would be the most reliable source
thanks for all informations!
Thats the real for buying BTC !!!
Wowww
Falling to rise again
There are news that the BitCoin will be $ 100,000 in 2018 . You can follow me for BitCoin news
I'll wait until a Playboy bunny decides to make a career in cryptocurrency, then I'm out.
It could be the start of a flippening. It's well known that BCH actually has better tech. In the long run, better tech should theoretically beat out the branding of BTC. If they were changing places, this drop is expected.
Hello @jrcornel. Can you dig up some data on the relative depth of the order books (stacks of orders to buy (from bidders) and of orders to sell (from offerors)), compared to the typical ‘blue chip’ stock?
Okay, “comparisons with the stock market are irrelevant”. I get that! But I will assure you this: day traders and gun-slinging hedge-fund managers just love this volatility; but you try and interest pension fund managers and managers of big mutual funds holding Mom and Pop contributions and you will be laughed out of the room, IMHO.
Cryptos will not go mainstream, despite all the hype about this now happening, until money managers can rely on only rarely having to face 10%+ drops/jumps within a 24-hour period.
Expect deadly slow growth of merchant acceptance of bitcoin until decent volatility arrives.
I just got talking to the manager of a store who has shut down his bitcoin ATM machine unless you are ready to pay him $20 to keep for his business to process your order. His printed message n the machine talks about the miners' fees and the backlog of unconfirmed transactions. He seemed almost in tears as he talked about his shuttered bitcoin ATM machine.
And here we are celebrating! One thing this volatility tells you 100% is this: if most of us tried to cash in our bitcoin "profits" in the next 24 hours we would crash the price so badly it would leave your head spinning.
Yes, I have some bitcoin. I have no plan to sell it , and I am ready to have it be banned while I am holding it. But I am not joining this celebration.
Sorry, Charley!
To be honest...I really can’t figure out how people actually trust an airdropped coin that simply wants to replace bitcoin by force and can be manipulated like this, there are plenty of other coins with a way longer history and community support like litecoin to use if the fees and slowness of BTC are the problem.
Absolutely. But lets see how the civil war goes. And if you dont want cannibalism, barbarism and fighting, DMD is the way to go and has been around for 4 long years entering it's 5th with no scams, no premine, pure dedication and honesty. Best regards Dr DMD
We all know it will rise again though ^^ :D
People are shopping for xmas. They made a lot of profit this year and they must celebrate.
I think bearish trend is the part of trading..hope it will come again in bullish trend
Don't worry about Steem because as long as we continue to provide value to the world, the value will never decline...
As for BitCoin, what is the value? Increasing doubts have been raised on its ability to perform as a currency due to its slow processing of transactions and alternatives have evolved eg LiteCoin and Hashgraph.
It will be interesting if we can invest in a technology like Hashgraph...
The dips don't seem to last long these days! Exciting times!
It was about time to happen, I thought it would occur when the price hit 10k. Now, to the moon again :)
Price is also just pulling back into good levels to buy the dip. Take a look at some of the charts on that blog :)
Have a great day mate!
Bitcoin cash on coinbase now, but cant be purchased yet. Even so..Bitcoin competition heating up
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steem will rise rapidly in the coming days :)
I'm not worried. Bitcoin is a long-term investment.
I saw this coming, and i have proof. Just check out my article i wrote to this.
I'm holding a debate on my blog on this... it simply goes as following:
Either you believe this is the foundation of a Bull Trend for 2018, basing itself on stuff like Gresham's Law.
Or you believe the Bubble, according to the definition of Investment Bubble is going to burst soon.
Either way, if we knew the outcome, we would be friggin rich.
Nice post
Cheers
I am starting new investments I am new little new
I will consider your suggestions
Then check out Diamond coins or my blog to avoid heart attacks and lost money. Best regards Dr DMD
So do you think we're in a buy period of Bitcoin again?