How low can it go? The fall from grace of the major coins

2018 has not been a pleasant year for cryptocurrencies, a strong bearish market has dominated most of the first half of the year before a relative stabilization in a still bearish market.

What Happened?

However last week, on November 15, saw all major coins, except 6 notable coins amidst which 3 were stablecoins and Nasdacoin gaining over 300%, seeing major loses ranging from 10 to 20% for some of the major coins. The declined stabilized but did not stop over all of last week before a new sharp decline for all major coins.

This sudden decline in prices came shortly after the BitcoinCash hard fork and a massive withdrawal and exchange of coins that happened on several exchanges, both of which lead to a widespread panic that drove the prices down across the whole cryptocurrency market.

On November 14, the average trading price for BTCUSD was around USD 6500 for while that of ETHUSD was around USD 210. In the week since the prices fell as low as USD 4318 and USD 127 respectively; an average of about 30 to 40% in price.

What is BitcoinCash?

BitcoinCash, BCH, was born from a hard fork on August 1, 2017, and since then upgrades its protocol through hard forks twice a year. BitcoinCash was born from the desire a part of the Bitcoin community had to have the cryptocurrency used as a transactional currency rather than the investment asset Bitcoin became, the new blockchain would also upgrade some of the old coin’s protocol and increase each block’s maximum date capabilities.

The latest BCH hard fork, of November 15, saw the appearance of 3 different factions with divergent opinions on where the coin should be headed. This then led to the cryptocurrency splitting. The resulting split further led to a hash war that shifted some of the mining power from BTC to the new BCH coins, which in turn could have affected the BTC price negatively.

What can we expect?

As the year nears its end the sudden price has discouraged many, experts, however, still remain optimistic and predict a bullish market in Q2 of 2019, while others, such as Tom Lee, think the market will have a sudden reversal and reach levels as high as USD 15,000 for BTC.

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