Story by: COLE PETERSEN
BitcoiOn’s current price action has caused the altcoin markets to take a major hit, with multiple cryptos trading down 10% or more.
At the time of writing, Bitcoin Cash (BCH) is the worst performing altcoin and is currently trading down over 15% at its current price of $115, setting a fresh all-time low around this price.
BCH is currently trading down nearly 82% from its recent highs of $630, which were set in the weeks prior to the hard fork event that occurred in mid-November. This event – in addition to the current market conditions – is likely the main factor contributing to BCH’s downwards spiral, as it decreased investor confidence and split the community into a civil war regarding the original Bitcoin Cash, and the hard fork version – Bitcoin SV.
Ethereum has also set a fresh 2018 low today and is currently trading down over 7% at its current price of $97.5. Yesterday, ETH briefly dipped down to approximately $100, but quickly bounced to $104. Despite this, ETH was unable to uphold the $100 support level and has not yet established a new support level.
Despite the recent price action being demoralizing to investors, one industry insider expects cryptocurrencies to become a safe haven for equity investors in 2019, who may witness increased market turbulence in the stock markets amidst growing concerns surrounding a trade war between the U.S. and China and increasing interest rates from the federal reserve.
Ian McLeod of Thomas Crown Art, a blockchain-based company that utilizes smart contracts for artwork, spoke to MarketWatch about this theory, saying:
“There’s a growing list of investment tailwinds to consider for 2019. These include significant trade tensions, rising interest rates, political uncertainties, including Brexit, and complacent financial markets. Against this backdrop, we can expect cryptocurrencies will increasingly be seen as investors’ ‘safe havens’ in 2019 and beyond.”
Original story by: https://tinyurl.com/y8sxczeb