Is Bitcoin About To Fail?

In a report posted by marketwatch.com, it’s not looking too good for Bitcoin at the moment.

After a brief reprieve on Thursday, when most digital currencies finished in the green, all major coins put up losses in U.S. trading hours Friday. And this is on the heels of predictions that Bitcoin would end up being worth $1 million in 20 years.

Bitcoin BTCUSD, -1.62% the world’s largest digital currency, was last changing hands at $6,367.20, down 2.2% since Thursday at 5 p.m. on the Kraken cryptocurrency exchange. It reached an overnight high of $6,621.71.

With just two winning sessions since July 29, the outlook for Bitcoin is anything but rosy. “Long gone are the hopes of retaking $8k and now only a few hundred dollars separates us from another lower-low. This chart is very sick and we still have a way to go before this over,” wrote Jani Ziedins of CrackedMarket on Friday.

During this 13-day stretch, the total market cap for all cryptocurrencies has fallen $70 billion, while Bitcoin’s dominance has increased, reaching a 2018 high of 49.1% of all cryptocurrencies. “Basically, we see a few factors that are incrementally favorable for BTC and only 1 factor that supports altcoins,” wrote Tom Lee, managing partner at Fundstrat Global Advisors. That lone positive, he said, is the incremental capital allocation to ICOs.

Is Bitcoin Dying

he underperformance in altcoins continued on Friday. Ether ETHUSD, -1.82% is down 0.9% to $359.91, Bitcoin Cash BCHUSD, -2.21% is trading lower by 1.8% at $596.50, Litecoin LTCUSD, -2.38% has lost 2.9% to $61.72 and Ripple’s XRP XRPUSD, -3.82% is the worst performing altcoin, down 3.4% to 34 cents.

After getting back on track Thursday, Bitcoin futures are trading in the red Friday. The Cboe Global Markets Inc.’s August contract XBTQ8, -1.27% is down up 1.7% to $6,370 and the CME Group Inc.’s August contract BTCQ8, -1.16% is down 2.4% to $6,390.