Bitcoin has lost 80% of its value since its all-time high at near $20,000.
In fact, the dominance rate for XRP, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the cryptocurrency, reached a 45-week high of on 12.74 on November 20 (it has since retreated slightly to just above 11 percent).
"Bitcoin is in crisis", cried Bloomberg.
On CNBC's Squawk Box on Monday, Anthony Pompliano from Morgan Creek Digital Assets, said that an 85 percent decrease from bitcoin's record high is where the digital currency will end up, which he says puts it at around US$3,000.
Bitcoin is presently experiencing a mini-rally that has seen its price climb above the $4,000 price mark.
That's the same amount as was used to bail out US banks after the subprime mortgage crisis in 2008. [If Bitcoin] collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. The hard fork in Bitcoin Cash (BCH) caused investors to fear reduced demand in the digital coin, whilst other analysts are concluding that a large scale global decline in crypto mining is the main catalyst behind the big and sudden sell off in the crypto sphere. While it was evident Bitcoin would be the most profitable currency to mine for the longest time, that is not necessarily the case any longer.
Will the cryptocurrency market rebound or continue to slide as Oanda believes?
After an epic rally a year ago that exceeded many of history's most notorious bubbles, digital currencies have become mired in an nearly $700bn rout that shows few signs of abating. Also, most of the investors are using the ETP for holding and not trading.
He says that Bitcoin is not as fast as XRP.
The searches for Ethereum on Google are also up but as compared to the jump for Bitcoin they are far less. "Bitcoin now trades at different prices on different exchanges, many of which are unregulated".
Consequently, the mining ecosystem has consolidated around players who can afford massive mining operations or who band together into large mining pools.
"BSV is the single best value haven in the crypto space during this volatile market". Blockchain extends well beyond just bitcoin.
For XRP, the $0.35 position is very crucial. At the same time, though, with fewer participants in the bitcoin mining pool the difficulty of the algorithm should drop.
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