Sell Off Intensifies, Global Market Cap Plunges To Fresh Year Lows

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Sell Off Intensifies, Global Market Cap Plunges To Fresh Year Lows

Posted on November 20th, 2018 in Bitcoin News by Tom Whitbread

The global crypto market cap fell again today, as capital flowed out of the markets for another session. Taking the total below $150bln for the first time this year.

The Bitcoin Cash hardfork on the 15th has been a catalyst for support to break and demand be overwhelmed by sellers wanting to cut losses.

Confidence has been shaken this week so hard that many crypto traders have decided to pack up shop and cut their losses. Tweets in the past 24 hours show the extent of pain the current sell off has caused. 

Although currently there is not any support forming on the orderbooks, demand may start to enter as Bitcoin breaks lower levels towards the $3k range or lower, due to the cheap level. At this price mining profitability is really getting squeezed and there is not so much to be made, unless running on cheap / owned power.

Will cost of production be a support floor on bitcoin and serve the market similar to the cost of production on gold? Or will this recent shake up be enough to put a tilt on the market taking it even lower. Presently we must wait and see.

As analyst Joseph Young posted earlier in only 33 days Bitcoin jumped from $6k to $19k. If you have the patience to stay in for the long ride, you will be rewarded.