Bitcoin cost is rapidly decreasing, helping to reduce the cost of other coins

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As of November 14, the cryptocurrency market is witnessing a rapid decline in Bitcoin (BTC), which has had an impact on other coins.

According to the data presented at Cointelegraph, Coin360, and Bitcointicker, the cost of the leading cryptocurrency dropped sharply to $ 6,150, later reaching $ 6,200.

Market visualization

Source: Coin360

Experts believe that falling to $ 6,150 is a test of Bitcoin stability. It is worth noting that in the past few months, the coin has managed to keep a stable figure with minimal changes.

An important factor is the fact that recently there were no prerequisites for reducing the cost of cryptocurrency. Despite this, many experts insisted that the bear market would last until 2019. On November 13, the creator of the Woobull data site and technical analyst Willy Woo stated:

“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards.”

Experts such as Michael Novogratz from Galaxy Digital and Tom Lee from Fundstrat insist that cardinal changes in value should be expected only next year. This is due to the fact that institutional investors only study cryptocurrency and begin to interact with the market.

Bitcoin 7-day price chart

Source: Cointelegraph

It is worth noting that the fall of Bitcoin had an impact on other cryptocurrencies. Ethereum (ETH) lost about 3.3% of the cost, reaching $ 200 per coin.

Ethereum 7-day price chart

Source: Cointelegraph

After the recent success, Bitcoin Cash (BCH) also lost part of the cost due to the debate over the upcoming introduction of a rigid plug in the BCH system, scheduled for November 15.

During the last 24 hours, the value of the coin fell by more than 10%, showing the largest decline in value among the 10 largest cryptocurrencies.

Also, despite previous successes, NEM (XEM) suffered significant losses. We remind you that Coincheck resumed trading in its coin at the beginning of the week, for the first time since the January hack. Daily coin losses still account for almost 9%.

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