Bitcoin is ‘Very Sick’ and appears to have a Long Way to Recovery

Bitcoin is ‘Very Sick’ and appears to have a Long Way to Recovery

All major coins, including Bitcoin, recorded losses on Friday in early New York trading. This comes after a brief reprieve whereby most cryptocurrencies finished in the green on Thursday.

After reaching a high of $6,621.71, the pioneer of cryptocurrencies – BTC – was trading at around $6,308.79 on early Friday, which is 3.1% down since Thursday 5 p.m, according to Kraken exchange.

Since July 29, Bitcoin has only recorded two major winning sessions, something that portrays it as anything but rosy.

“Long gone are the hopes of retaking $8k and now only a few hundred dollars separates us from another lower-low. This chart is very sick and we still have a way to go before this over,” Jani Ziedins of CrackedMarket Friday said.

In the last 13 days, the total market capitalization of all cryptos has gown down $70 billion, although the dominance of bitcoin has risen, recording a 2018 high of 49.1%.

One of Fundstrat’s Global Advisors’ managing partner, Tom Lee, said that there are several factors that favor bitcoin, but only one that support the altcoins, stating that the lone positive is “Long gone are the hopes of retaking $8k and now only a few hundred dollars separates us from another lower-low. This chart is very sick and we still have a way to go before this over,”

Altcoins Continue To Perform Poorly

Altcoins continued to lose ground on Friday, with Ethereum dropping 2 percent to record $355.80; Bitcoin Cash by 3 percent at $588.80; Litecoin by 4.1 percent at $60.92; and Ripple’s XRP being the worst performing at 4.3 percent.

Bitcoin futures were also lower on Friday after recording gains on Thursday. The August contract for Cboe Global Markets Inc. was down by 2.2 percent to record $6,335, whereas that of CME Group Inc. was down by 2.1 percent to record $6,330.

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