Cryptocurrency Markets Crash Below $200 Billion For the First Time In 2018
On Tuesday, August 14th, cryptocurrency markets crashed to below $200 billion as Bitcoin and other altcoins witnessed a heavy sell-off creating a spiral downfall in the overall market. This is for the first time in 2018 when the cryptocurrency overall market valuations have gone below $200 billion.
According to the data on WorldCoinIndex, the overall cryptocurrency market valuation stands at $185 billion. Although bitcoin has lost nearly 4% in the last 24-hours, there has been a massive sell-off in the top ten altcoins including Ethereum, Bitcoin Cash, Litecoin, Ripple and others.
Ethereum has been the major sufferer during the recent sell-off as the cryptocurrency has hit its rock bottom for the year of 2018, while losing almost 75% valuation from its peak price of around $1400. In the last two days, Ethereum has lost more $70 in its price and is currently trading around $256. Moreover, this is also for the very first time in the last nine months since November 2017 where the Ethereum price has gone below $300 mark.
In addition to Ethereum, Ripple too has reached its rock-bottom for 2018. Still the world’s third-largest cryptocurrency by market cap, Ripple’s (XRP) price has dropped to $0.25 cents In the last now week, there has been a nearly 38% percent decline in the price of Ripple, and nearly 95% down from its all-time high of $3.75.
It seems that the market woes are now spread all over and that bitcoin has batter managed to hold the losses while comparing with other crypto competitors. However, Bitcoin is also struggling around its crucial support of $6000, below which it can fall straight away to its next support of $5600.
Last month in July, Bitcoin rose to above $8000 in the hopes of the arrival of Bitcoin ETFs in the market which was expected to bring more institutional players to the crypto market. However, the SEC’s delay on the decision of CBOE Bitcoin ETF has triggered a major sell-off in the last ten days causing Bitcoin to lose more than 20% in the last two weeks.
Moreover, Ethereum has received a heaving beating in the market because of many of the Ethereum-based ICO projects launched last year have been selling its Ether tokens against the USD and Euro. This has caused the price of Ethereum to go down considerably.
Additionally, as most of the ICO projects based on the Ethereum-blockchain network follow the price of Ether tokens, a spiral downward momentum in also created in the price of the ICO tokens causing a huge sell-off across the crypto markets.