Cryptocurrency Market Dropped once again

Cryptocurrency Market Dropped once again

As of Thursday afternoon in Asia, the market capitalization of Bitcoin BTC was at $98,194,458,586.
The entire cryptocurrency market capitalization dropped by $15 billion over 24 hours Wednesday, according to"Cryptocurrency Market Dropped once again"

Amid a sell-off in the Cryptocurrency markets that began Wednesday, Bitcoin BTC market capitalization fell below the $100 billion marks on Thursday — a level not seen since October 2017.

That value came after a major sell-off in the cryptocurrency exchanges on Wednesday, which continued into Thursday in Asia.

It’s not been a good year for anyone who owns Bitcoin BTC,  but the last 24 hours have been a period to forget as the cryptocurrency dropped below $100 billion in market capitalization for the first time in 2018.

You have to go back to the end of October — the 29th to be precise — for the last time that the total circulation of Bitcoin in the market dropped below $100 billion.

It looks like this will be the first 24-hour period to hold that rate — so much for the relative price stability that many in the industry had complained about, be careful what you wish for!

The dip follows a decline that took Bitcoin BTC price below the mark $6,000 for the first time in 2018 — it has since plunged below $5,600. That, in turn, caused havoc in the altcoin market with valuations plummeting double-digit percentages across nearly all of the top 100 valued altcoins. Of the top ten, Cardano ADA is down 14 percent, Litecoin LTC 13 percent down Ethereum and EOS 12 percent down. The changing prices also saw Ripple’s XRP price rise above Ethereum ETH to become the second most valued cryptocurrency behind only Bitcoin.

As ever, the source of the malaise is tough to diagnose.

Bitcoin Cash BCH, which is about to undergo a hard fork, looks to be the most main price dropping cause.

Bitcoin Cash is about to undergo a hard fork that will result in two different chains — Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash SV (BCHSV) — and that has caused a great deal of uncertainty in the Cryptocurrency market.

You could argue that this situation caused the value of Bitcoin to decrease, that often draws owners of altcoins who trade their crypto coin for the cheaper Bitcoin. That movement can negatively impact both Bitcoin and the altcoins that are traded.

Of course, there are a wide number of explanations as to what is happening out there. One thing that is for sure is that the markets are Dropping very hard today.

Post a Comment