BTC, ETH and cryptocurrency crashed!
November 26, 2018 10:24 am,
Cryptocurrency market has been experiencing waves of crashing. The total market capitalization of cryptocurrencies went below $120 billion which earlier this year had crossed the market cap of Apple which right now lies at around $747 billion. In just the last 24 hours more than $23 billion have been dumped from cryptocurrencies. Bitcoin especially has a rough weekend. Coming off a week of heavy losses, BTC fell 10% and set a fresh low at $3447.58. This is the lowest since September 2017.
Over the seven days, BTC has lost more than 35% of its value. This marks its biggest one week drop since April 2013, when the cryptocurrency fell more than 44%. The recent downturn started in mid-November when BTC fell abruptly below $6000. Since then, the world’s largest cryptocurrency continues to find new lows and has struggled to break out of the $4000 range.
Over the last week, the price of Bitcoin which was dangerously close to breaching the $4000 level, surged from $4050 to $4560 by more than 12%. On Coinbase and major fiat-to-crypto exchanges like Kraken, BTC dropped to as low as $4030 for a brief period of time and recovered to almost $4200 immediately after. It also rebounded to $4500 showing some resistance in the low $4000 region.
BTC price is sliding below and breaking all support levels. A $3000 price is not far away as BTC has already lost over 16% since yesterday. BTC is currently trading at the price of August last year before the bulls started to gain momentum taking the price to $20,000. But the same bulls are not predicted this year. And analysts predict it might fall to $2000 and $3000.
ETH price has fallen down from the most major support level of $100 which was the last hope for the HODLERS. Large ETH sell-off is being experienced on exchanges especially bitmex.
ETH is currently trading at the lowest price that ETH has experienced more than a year. Analysts have also predicted the major ICO sell-off will start once the prices reach below $100 which is already reached now.
Altcoins are following the giants as all top 100 coins. Stellar being the biggest loser is trading below $0.14 losing over 24% in the 24 hours, ZCash, Tezos have been crashing sharply over 21%. All major coins are trading at yearly lows.