Crypto Bears Lead the Monday Massacre, Bitcoin Falls Below $5000
On Monday, November 19, the cryptocurrency market entered a major correction making a new low for 2018. According to the data on WorldCoinIndex, the overall market cap has slipped to $154 billion, at the press time. Just in a day’s time, the cryptocurrency market cap lost more than 12% valuations or nearly $20 billion.
This is the second big blow in less than a week’s time where the market slipped below $200 billion last Wednesday, November 15. It means that in last one week, over $50 billion or 25% of the overall market valuation is lost in thin air.
Bitcoin (BTC) has slipped below the crucial support levels of $5000 correcting more than 10% in the last 24-hours. With this correction, Bitcoin has hit a one-year low with its market cap going below $90 billion. At the press time, Bitcoin (BTC) is trading at the price of $4800, with a market cap of $83.4 billion. In a week’s time, Bitcoin has lost more than 20% of its valuation.
XRP on the other hand continues to grab the number two spot by market cap. Compared to other cryptocurrencies which fell between 10-15% yesterday, XRP relatively managed to hold the price fall. On Monday, XRP lost less than 5% and is currently trading at $0.48 with a market cap of $19 billion.
On the contrary, Ethereum (ETH) has slipped heavily. In the last 24-hours, ETH price dropped by more than 15%. At the press time, ETH is trading at its one-year low of $145 with a market cap of $16 billion. This steep fall in the ETH price has further widened its valuation gap with XRP. In last one week, ETH has lost 25% of its valuation or $50 in its price.
It looks like the market is in no mood to recover. Furthermore, the Bitcoin Cash hard fork last week has led to growing skepticism and uncertainty, as the two resulting camps have engaged in the hash war. There is no clarity as of now as to who will take the charge of the network. It is found that in the last week, most of the Bitcoin core mining pool resources are devoted to save Bitcoin Cash ABC version. Experts believe that this could possibly be a reason behind the BTC fall.
As market worries continue to loom over, popular CNBC analyst and Fundstrat Global Advisor Tom Lee has slashed his BTC price prediction by the year-end from $25000 to $15000. However, even $15k doesn’t seem to be realistic looking to the current market scenario with just 40 days to bid adieu to 2018. However, looking at the volatile behavior of the crypto market, the market can swing either ways very quickly.