Hold Your Breath! Bitcoin Slips Below $4000, BTC Market Cap Goes to $65 Billion

It looks like the cryptocurrency market bashing won’t end anytime soon and so does the pain of investors. The cryptocurrency market has lost nearly $20 billion in the last 24-hours as the overall market cap makes a new at $114 billion at the press time, according to WorldCoinIndex.

Most importantly, Bitcoin (BTC) lost more than 15% in last 24-hours, and is currently trading at $3725.54 with its market cap going below $65 billion. The Bitcoin price collapse has been dramatic in the last 12 days with the world’s largest cryptocurrency losing nearly 40% of its value. In less than a week’s time, Bitcoin lost more than $1000 of its price to make a new low since September 2017.

The Bitcoin price fall goes in parallel with the crash in the overall market valuation. In the last 12 days, the cryptocurrency market has lost a whopping $89 billion while eroding more than 40% valuation. The latest market crash seems to be getting worse with each passing day and absolutely unstoppable.

XRP which was showing relative strength in the last week’s market crash has finally lost it to the bears. XRP price crashed over 8% today itself and is currently trading at $0.34 with a market cap of $13.8 billion. However, XRP still continues to dominate over Ethereum (ETH) with a considerable margin of nearly $3 billion.

Ethereum (ETH) on the other hand continues to crash lower-and-lower with each passing week. Ethereum has lost over 15% in the last 24-hours and is currently trading at $106 with a market of $10.9 billion.

Almost every other alt coin on the indie has lost in double digits percentage in the last 24-hours. This dangerous downward spiral is causing severe worries and panic in the market. The Google Trends data shows that search for Bitcoin’s demise has spiked the highest in the last 8 months as panic strikes the crypto market.

Many experts have reduced their yearly targets for Bitcoin. CNBC analyst and founder of Fundstrat Global Advisor, Tom Lee lowered his BTC year-end price prediction to $15,000 from his earlier $25000. However, looking at the current scenario, even $15,000 seems to be a distant dream. Mr. Lee said: “While Bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications”.

Not to forget that the launch of much-awaited Bakkt platform is now delayed to end of January 2019.