Bitcoin - Bears Hit sub-$5,000 Levels in Crypto Meltdown

21 November, 2018, 00:50 | Author: Darnell Patrick
  • Bitcoin rout continues, following biggest dive in 8 months

When the fork happened on November 15 and the hash war started between BCHSV and BCHABC, Bitcoin took a heavy hit too.

Bitcoin was trading on Tuesday at $4,354.20, its lowest level on the Bitstamp exchange since October, 2017.

Other cryptocurrencies were also down including Ethereum and Ripple.

Based on the current pace that Bitcoin had acquired over the last few weeks, the final report for December is not looking flattering as the reports are indicating that Bitcoin won't be able to break the resistance of 6,000$, ending 2018 at the new low of 5,300$. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Another "flippening" has occured in the top 5 of the cryptocurrency market on Tuesday.

Others blamed fears that last week's "hard fork" in bitcoin cash, where a software upgrade split the fourth-biggest coin into two separate currencies, could destabilise others.

The still-nascent sector is not completely transparent and analysts have struggled to understand what precisely prompted the latest drop.

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc. While most other cryptocurrencies have gone on to form new lows with today's latest drop, the value of XRP has held better than most altcoins, now trading around $0.50.

Bitcoin Atom (BCA) traded up 2.6% against the dollar and now trades at $0.23 or 0.00004060 BTC. "A lot of people have lost interest", said Fawad Razaqzada, an analyst at However, Bitcoin still accounts for about 53% of the total cryptocurrency market capitalization. But while many of its rivals experienced sharp drops, Ethereum saw its price tumbling down in a much more gradual manner.

Market Update: Amid all the shackles of bitcoin plunge, the market has witnessed a lining of good news that the world's first crypto exchange traded fund (ETF) has been granted to Amun AG, FxStreet reported and the ETF will trade on SIX Swiss Exchange from next week onward.

Nearly two weeks ago, the average market value of crypto assets was valued at $220 billion, and the Bitcoin community made a decision to upgrade Bitcoin's code, commonly known as "Hard Fork".

XRP, on the other hand, is showing very high stability in comparison to other cryptocurrencies. Monday's plunge extends a frightful week for the world’s number one cryptocurrency which has seen it drop to a low not seen since late 2017, just prior to the burst in prices that saw Bitcoin come close to US$20,000 per coin before collapsing rapidly.



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