After the markets came crashing down midway through November, the cryptocurrency industry was faced with a sea of red. We reported on the 15th of November when Bitcoin hit an all-time 2018 low at $5600 USD and from there, the token has continued to plummet – to reach a crushing figure of $3600 USD.
Looking at the charts since the 10th of November when Bitcoin seemed to be held at a somewhat non-volatile figure of $6400 USD – the token has seen a staggering decline. In the past twenty-four hours, however, Bitcoin’s price is facing the highest increase it has seen this year. Although the token is still down by approximately 80% from the beginning of this year -when it was trading at around $18,000 USD – it has seen a 12.24% increase in trading over the last day at the time of writing.
As the kingpin cryptocurrency sees green, the other tokens are following suit. Currently, Ripple’s XRP has jumped by 10.62%, Ethereum has increased by 12.49% and Bitcoin Cash – the controversial flavor of the month – has increased by 10.62%. Below is an updated view which, at the time of writing, is showing almost an entire wave of green.
Although the tokens are rising, after a fairly significant drop, it remains to be seen whether Fundstrat CEO Tom Lee’s prediction of Bitcoin hitting $15,000 USD by the end of the year holds true.