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Market data is provided by the HitBTC exchange.
The selling in cryptocurrencies dragged the total market capitalization down to about $106 billion on Dec. 7. The crypto market has lost more than 87 percent of its value from the high achieved in late 2017.
The latest leg of selling gained traction on the news that the United States Securities and Exchange Commission (SEC) has delayed its decision on Bitcoin (BTC) exchange-traded funds (ETFs) until Feb. 27 of next year.
Based on the performance of the Directional Movement Index and the Average Directional Index, Bloomberg Intelligence analyst Mike McGlone expects Bitcoin to drop to $1,500.
The fall has scared away most retail investors. Nevertheless, crypto-focused institutional asset manager Morgan Creek Digital believes that its Digital Asset Index Fund — a basket of ten major crypto assets — will offer better returns than the SPX over the next 10 years, starting from Jan. 1, 2019. Morgan Creek Digital is ready to wager a $1 million bet on their forecast.
The bear market has been good for the stablecoin Tether, which continues to climb the ladder in terms of market capitalization. It is now sitting at the sixth position, threatening to break into the top five if the selling continues.