As a result of the collapse of the market this week, the cumulative cryptocurrency capitalization fell by November 23 to $ 140 billion, losing almost $ 700 billion from peak values in early January. And if prices continue to decline, investors may begin to massively withdraw from cryptocurrencies, said Stephen Innes, head of the trading department in the Asia-Pacific region at Oanda Corp, in a comment to Bloomberg.
There’s still a lot of people in this game. [If Bitcoin] collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.
Head of the trading department in the Asia-Pacific region, Oanda Corp
In the short term, Bitcoin, according to the analyst, will be traded in the corridor between $ 3,500 and $ 6,500, but he does not exclude that by January 2019 the price of the first cryptocurrency may drop to $ 2,500.
At the peak values at the beginning of the year, the total capitalization of the cryptocurrency market was about $ 835 billion, but this morning this figure is already around $ 140 billion.
Bitcoin last night again fell on a number of exchanges to almost $ 4000. So, at about 05:20 UTC, the price of the first cryptocurrency at Bitstamp was $ 4,061.02, after which it returned to around $ 4,300. At Bitfinex, the price went down to $ 4,210.