The cryptocurrency market appears to have stabilized following a fresh run-in with yearly lows, as investors turned their attention to a highly contentious hard fork involving bitcoin cash. Based on latest available information, the hard fork began at roughly 16:40 UTC, with the dominant chain yet to emerge.

Market Update

Cryptocurrencies saw their collective market capitalization plunge to $176 billion on Thursday, the lowest in over a year. The market cap has since recovered to around $183.2 billion, though the vast majority of coins had reported losses over the past 24 hours.

There were a few notable exceptions, including XRP, which appears to have bottomed and is in the process of recovering slowly. The so-called banker’s cryptocurrency was last seen trading just below $0.47, having gained 2% over the 24-hour cycle.

A lesser known alternative crypto by the name of Nasdacoin (NSD) shrugged off the bear market, climbing more than 283% to $4.86. In doing so, NSD became the 63rd largest cryptoasset by market capitalization. There appears to be no major drivers behind the price increase.

Aggregate pricing data provided by CoinMarketCap show most major assets have rebounded from their recent bottom. Bitcoin, the largest of all, was last seen trading near $5,600. However, as Hacked reported earlier in the day, the BTC price varies significantly across major exchanges (Coinbase and Bitfinex being the two most prominent examples).

Daily trade volumes peaked above $25 billion at the height of the meltdown but have since fallen back to around $23 billion. Both levels are significantly higher than what the market averaged in all of the last three months. Data on daily trade volume only capture the trades executed on virtual currency exchanges, omitting a huge swathe of activity carried out in over-the-counter markets. According to some estimates, OTC trading equals and may even exceed exchange-traded volumes. This means that today’s $23 billion turnover is likely $46 billion if we factor OTC markets.

Bitcoin Cash Hard Fork Begins

The highly anticipated hard fork of bitcoin cash is officially underway, as two competing versions of the protocol vie for hash rate and overall dominance. Crypto traders and observers are keeping a close eye on the latest developments to see which version comes out on top. Although recent data showed a majority of hash power concentrated in the Bitcoin cash SV camp, there’s still a lot on the line, including which version the majority of users will back and which implementation miners will gravitate toward.

Several major exchanges have announced their support for bitcoin ABC, the so-called primary implementation backed by Roger Ver and Bitmain. The author can confirm that the bitcoin cash ticker symbol on Coinsquare, a Canadian crypto exchange, has already changed to BAB.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Sam Bourgi

4.6 stars on average, based on 664 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi

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After months of choppy consolidation, yesterday, we saw the largest move in the cryptocurrency segment since April, which took the majors below key technical levels. Bitcoin’s drop is the most important event, since the most valuable coin violated a structurally important base support for the first time since its historic bull run to $20,000 started.

As we warned repeatedly, the market didn’t show signs of healing during the sideways drift, since no leadership developed, and the coins failed to show follow-through following the, sometimes explosive rally attempts, so our trend model remained overwhelmingly bearish throughout the consolidation.

The top altcoins completed their structural breakdowns well ahead of BTC, and the stability of Bitcoin was the most encouraging sign for crypto-bulls, so now, the broad selloff confirmed the next lower in the bear market.

BTC/USD, Daily Chart Analysis

After violating the primary support at $6275, Bitcoin’s selloff accelerated below the weaker $6000 level and the key zone near $5850 wasn’t enough to support the coin. The structural breakdown will likely lead to a test of the $5000-$5100 zone, while an unlikely recovery would be a very positive development. Primary resistance is now ahead near $5850, while further major support zones are found near $4500 and $3600, and traders and investors still shouldn’t enter new positions here.

ETH/USD, Daily Chart Analysis

Ethereum fell to a marginal new bear market low, outperforming Bitcoin from a short-term technical perspective, but that’s not enough to warrant optimism with regards to the long-term setup. ETH is still in a clear long-term downtrend despite the lengthy consolidation phase, and a test of the $160 level is likely in the coming period.

The coin is still on sell signals on both time-frames in our trend model, and traders and investors should stay away from new positions, with further support found near $130 and with resistance levels ahead near $200 and $235.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Mate Cser

4.7 stars on average, based on 394 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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• Ripple’s XRP weighted to the downside, but not performing as bad as some of its peers.
• CIMB Group are the latest financial organisation to be utilizing Ripple’s technology.

XRP/USD has been firmly on the back foot during trading over the last two sessions now. Selling pressure had hit the whole market on 13^th November. This went on to further intensify in the following session, 14^th November. A total blood bath was observed across the board, with huge areas of support being breached. The wave hit the entire market. Ripple’s XRP has managed to hold a firmer ground, in comparison to some of the losses encountered with its peers.

Ripple Reveals New Partner – CIMB

CIMB Group, one of the largest south Asian banking organizations, are the latest to be utilize Ripple’s technology. CIMB will leverage Ripple’s technology for its SpeedSend remittance product, this coming from a joint press release. The SpeedSend product is available in a spectrum of Southeast Asian markets. Countries include: Thailand, Philippines and Vietnam. Ripple continue at a rapid pace adding large financial institutions to its network.

Ripple via their announcement stated the following: “Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”

Technical Review – XRP/USD

XRP/USD daily chart

XRP/USD is running at three consecutive sessions in the red, nursing chunky double-digit losses over this period. The price dropped over 20%, a move that was very much in line with the rest of the cryptocurrency market. Price action had been moving within a triangular pattern formation, since 21^st September. Thie XRP price observed much narrowing over this period. During the heavy selling pressure on 14^th November, the bears had pierced the lower support of the mentioned pattern.

Despite the large lower wick seen on 14^th November candlestick, the price managed to close within boundaries of the triangular formation. In terms of current price action on the latest for today, XRP/USD is seen below this area of support. Should the market bears manage to push for a breach and daily close underneath the supporting trend line, this could cause large devastation. Eyes could be on a return to the $0.3000-$0.2500 region. Lastly, worth noting, looking to the upside, the resistance would likely be seen around $0.4800, and this level is critical. This is where the lower trend line is seen tracking.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Ken Chigbo

4.5 stars on average, based on 50 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.

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