New Volatility of Bitcoin Market Leads to Investors Cashing in on Lowered Price
The hard fork of the Bitcoin Cash blockchain has been causing a lot of uncertainty in the cryptocurrency market, leading them into new levels of volatility. With a brief review of even the top 10 cryptocurrencies by market cap, there have been some losses of up to 15% today alone. However, Bitcoin investors do not seem to have been deterred by this (hopefully) temporary adjustment.
eToro is one of the companies that has decided against selling right now, though there are many platforms that want to jump off the potentially sinking ship. eToro has taken this opportunity to purchase as much Bitcoin as they can, according to analyst Mati Greenspan. Greenspan took to Twitter to post data regarding information of about 10 million buyers.
These findings were accrued by Gil Alpert, the data commander for eToro. In his comments, he noted, “(eToro) Clients […] have used this crypto price drop to increase their BTC stacks.” He also indicated that the previous week had come with a “small yet clear uptick” in their own Bitcoin holdings.
Considering that similar data was exposed by data from Google Trends, he added, “EOS holdings at eToro have gone up while prices were moving down but the flat market does seem to have caused some clients to abandon their positions. However, as with BTC and XRP, we can see clearly how clients are buying the Nov-14 dip!!!”
According to the most recent data from CoinMarketCap at the time of writing, the current price of Bitcoin has dropped below the $5,000 mark, reaching $4,698.36. Based on the last 24 hours of activity, this is a 14.95% loss. Bitcoin Cash has had a 43.90% loss, bringing its price down to $215.00.
Bitcoin has suffered enough to bring down their price substantially, but altcoins have noticed a lot bigger of a difference. So far, of the top 20 non-Bitcoin coins, the biggest loss in the last 24 hours is Tezos, which has lost 21.96% of its value.
As more data has been uploaded by entrepreneur Alistair Milne, it was revealed that BTC reached their lowest 3-day relative strength index (RSI) since January of 2015. However, there is a chance of this reading going even lower.