Bitcoin Breaches $5000 Level but XRP Holding its Ground

Ethereum Technical Analysis Bear to stomp coin to death

Bitcoin rout continues, following biggest dive in 8 months

Over the past 24 hours, more than $14 billion has been wiped out of the crypto market as Bitcoin (BTC) dropped by five percent.

The slide in cryptocurrencies accelerated, with Bitcoin piercing the $US5,000 ($6,850) mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase. At the time of this writing, XRP is nearly $4 billion ahead of Ethereum in terms of market cap.

Ethereum one-hour price chart | Source Trading View
Ethereum one-hour price chart | Source Trading View

Bitcoin prices once again plunged to fresh 2018 low during late European session Tuesday, as the crypto bloodshed continues amid a panic sell-off among investors. The September 2017 low @ $2,975 looks to be a realistic proposition at this point as fundamentals are continuing to fail to drive cryptos higher over the past year.

This is related to increasing enforcement by U.S. and European government authorities, as well as a new "fork" that further splinters the digital currency.

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Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for Bitcoin to $15,000 from $25,000. The second biggest cryptocurrency has been performing rather well over the past days, while the rest of the market took hit after hit. Bitcoin Cash (Bitcoin Cash ABC) is down by more than 40% in just a day and has been overtaken by Stellar (XLM) in the Market cap.

One market estimate made last month put the cost of mining one bitcoin at $7,000. Only Ripple and EOS provided anything approaching stability as their falls were held in single figures, although Ripple did rally a little to start showing signs of a minor recovery. Whether it is Bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay. When one cryptocurrency falls, others tend to fall as well.

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Bitcoin has plummeted over 75 percent this year from a peak of $20,000 touched in December as retail investors piled into a one of the largest bubbles in history. "Over longer periods of times these events are less meaningful", said Mike Loewengart, chief investment officer at E-Trade Capital Management.

The recent hard fork of Bitcoin Cash network has severely affected the market, bring in instability in the market. As a result, Paragon Coin Inc. and Airfox will both have to pay $250000 as penalties to compensate its investors.

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The nerves surrounding Bitcoin have also spread to its peers, with numerous main cryptocurrencies experiencing a similarly dramatic double-digit fall. Now looking at the weekly chart, the next support is now placed at $4,600 level and then at $3,000 level.

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