• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitcoin Sets Fresh 2018 Low at $3,200, Altcoins Plunge

Cole Petersen by Cole Petersen
2 years ago
in Cryptocurrency news
Reading Time: 2min read
Bitcoin Sets Fresh 2018 Low at $3,200, Altcoins Plunge
Advertisement

Following its recent period of instability, Bitcoin has now plunged to new 2018 lows and has sent the altcoin markets spiraling downwards. Today’s drop has led the overall cryptocurrency market capitalization down to $102 billion, a level not seen since August of 2017.

At the time of writing, Bitcoin (BTC) is trading down nearly 6% at its current price of $3,230, down from its 24-hour highs of $3,430. Bitcoin’s previous 2018 low was set on December 7th when it fell to just under $3,300.

Analysts Expect Bitcoin to Fall Below $3,000

The market’s current instability is leading to a general consensus among analysts that it is only a matter of time before Bitcoin falls below the important psychological price level of $3,000.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

While speaking about Bitcoin’s current price action, Nick Cawley, an analyst at Daily FX, said that based on his technical analysis, Bitcoin’s short-term price action is leading it towards $2,970.

“Bitcoin looks set to fall below $3,000 in the short-term with the $2,970 Sept. 15, 2017, swing-low the next target. Below here, horizontal support at $1,760 off the July 18 [2017] low comes into play in the longer-term.”

DonAlt (@CryptoDonAlt), a popular cryptocurrency analyst on Twitter, told his nearly-80 thousand followers that he also expects BTC to dip into the $2,000 region, with a good buy target being at the $2,700 level.

“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think 2.7k is an excellent place to buy if we should go there,” he said, further adding that right now is not the best place to add new short positions.

Altcoins Plummet Amidst Bitcoin Instability

Bitcoin’s instability has led the vast majority of altcoins to plummet, with Bitcoin Cash and Stellar Lumens leading today’s market plunge.

At the time of writing, Bitcoin Cash (BCH) is trading down 15% at its current price of $82, setting a fresh all-time-low. Ever since Bitcoin Cash’s hard fork event on November 15th, the cryptocurrency has been spiraling downwards, and is showing few signs of fundamental strength as it drifts lower.

BCH’s hard fork offshoot – Bitcoin SV (BSV) – also dropped significantly today and is currently trading down nearly 11% at its current price of $74.8. BSV is currently behind Bitcoin Cash’s market cap by over $100 million.

Stellar Lumens (XLM) is currently trading down over 11% at its current price of $0.098, and just set a new 2018 low around its current price levels.

XRP is currently trading down nearly 6% at its current price of $0.287 and is trading at levels not seen since this past September. It is important to note that XRP is still trading above its 2018 low, which was set at approximately $0.24 this past August.

Featured image from Shutterstock.
Tags: BCHbitcoincryptoXLMxrp
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Holds $50,000 on Global Corporate FOMO; What to Expect?

8 hours ago
Uniswap’s UNI Hung After Hitting Record High; Breakdown Risks Persist

Uniswap’s UNI Hung After Hitting Record High; Breakdown Risks Persist

10 hours ago
easyfi

Leading DeFi Protocol EasyFi Expands to Binance Smart Chain

1 day ago
DAFI

How DAFI Protocol Rewards Long-Term Token Holders and Supports Sustainable Project Growth

2 days ago
bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

3 days ago
paradox

How Paradox Group Is Helping DeFi

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

BTCS Now Producing Revenue from all 100 Ethereum 2.0 Nodes

March 8, 2021

Router Protocol and Polygon Partners With DFyn to Launch L2 GalaxyFarm

March 8, 2021

Get the Latest Crypto News, Trends and Insights at Interactivecrypto

March 8, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.