Bitcoin prices have been slowly declining in value for the past seven days. Today bitcoin hit a low of $7,530 around 1 am EDT.
Weekly Market update – Bitcoin Price Analysis on March 18th, 2018
Altcoins are under even more firm bear grip. NEO broke below the $58.47, which is the lowest level since the beginning of the year. Ethereum hit a 3-months low with a $526 price.
Serious fall had NEM coins, which jumped to the $0.514 price at the beginning of the week, influenced by positive news about Japanese cryptocurrency exchange Coincheck refunding for the vast heist. NEM lost more than 51% from weekly peak price with a current price around $ 0.2514.
In the great falling altcoin list are also Cardano and NANO. Cardano lost more than 31% in the last seven days with a current price of $ 0.140.
Nano lost almost more than 42% from this week peak price $12.11 (11.03.2018 2:00 pm) to current price $7.00. With a total 7d change of -37,24 %.
The falling of the price can most likely be attributed to Google’s decision to ban of all crypto-related advertisements. The new crypto advertisement rules are going to take effect in June.
However, It is worth noting, that bearish trend is dominating for the most of this month (despite February being positively closed around $10 700 BTC price) even before the announcement from Google.
The collective market capitalization of cryptocurrencies is at the lowest point since ‘’Black Tuesday ‘’ February 6. (according to Coinmarketcap.com) The ratio of BTC dominance continues to grow and currently stands at 44,2%. As in the previous correction, investors do not hesitate to strip assets from altcoins to bitcoin or FIAT, due to the risk of a further slump.
Without bulls making a swift changeover, the market will remain to plunge.