If you think the bubble has popped, look again. There is an old cryptocurrency saying “Zoom out”, that is very important to remember. Whilst traditional investors get scared over a 20% decline in price, marking the sign of a trend reversal, cryptocurrencies are much more schizophrenic. It has been common practice for most cryptocurrencies to correct sharply after a steep rise, with common figures being 20%, 30% sometimes even a 50% correction.
Bitcoin has seen a bull rally like no other, rising to over $19,500 on GDAX within a month from around $7,000. A 50% correction would be $12,858, and we have already broken that support level. The 60% correction would fall at $10,029.
With a lack of news driving the price decline, there are many traders are very bullish for 2018. If this correction maintains and Bitcoin continues to flag out for the next few months, $35,000 bitcoin by February could be a possibility.
Litecoin went crazy over the last 2 weeks reaching a high of around $350. This was due to the increase in customer accounts on Coinbase that got access to buying coins. With LTC rising so much, a correction was definitely needed. We can see over 50% of a drop as we hit the $236 mark. LTC should continue to flag out until the market ends the correction period. There was some FUD released with the Litecoin founder, Charlie Lee, selling ALL of his LTC over the previous week.
— Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
This caused a lot of concern within the LTC community and the price quickly dropped. We can expect to see a decline in LTC price for the next few weeks, unless some big whale comes in to buy up all the LTC he sold at the top….
Ether has seen great strides over the last few weeks, with the ETH/BTC ratio increasing over 20% as Ether slowly climbs towards the $1,000 mark. When BTC took its tumble, ETH immediately followed, like normal. But the ETH decline was much more stable and had a quick rebound. Currently, we are looking at a -30% change in the price of ether. We saw a low of $460 on GDAX. With Ethereum futures on the horizon, CASPER, and other upgrades, the current price is a steal. By February of 2018, ETH should be sitting stable at around $1,700.
You’d be a multi-millionaire if you invested 100k in Ripple back in January of 2017. Ripple has seen a massive marketcap increase over the past 2 weeks. Rising from a $1bil marketcap to over $40bil, ripple now sits at $1.22 a coin, from a low of $0.21 a coin. Some proposed reasons for the price increase are due to partnerships, publicity, and adoption by banks.
Bcash was added to coinbase on December 20th. Trading went live on GDAX for 4 minutes before being halted, due to volatility. BCH hit a high of $9,500 from the starting low of $3,500 within that 4 minute period. Since then, trading has been halted and paused over and over as concerns are raised about how GDAX/Coinbase is handling the addition of a new market to their exchange. The SEC has put out a notice that they are looking into insider trading at Coinbase due to these recent actions.
BCH can be expected to rise over the upcoming months – any coin added to Coinbase has access to a massive market of newcomers and that allows for a huge run up in price. We can expect to see BCH around $6,000 come February, assuming that Coinbase allows trading come January 1st.