Investors have been shocked to see the boards presenting not only lower prices than yesterday but the lowest of 2018. In fact, it is its lowest value since August 2017. And not just Bitcoin, most of the other cryptocurrencies are in a similar situation. It seems like bad luck has fallen on the entire industry. Let’s see the numbers:
When it was 6:30 am in New York, Bitcoin has a price of $3,435, 10.24% less than yesterday at the same time. The number of transactions remained high: it exceeded USD 6.4 billion. There is a lot of movement in the exchanges ConBene, Binance, Bitfinex, OKEx and Huobi, almost all Asians and almost all (except Bitfinex ) in an exchange with Tether.
Despite the fall, and due to the decline of the other crypts, However, Bitcoin still managed to gain dominance in the market. It has 55.3% of the pie of the market of capitalization of the cryptocurrencies. Today valued, by the way, at USD 108 billion. They are USD 7 billion less than yesterday. It is also its lowest price since the beginning of August 2017.
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Altcoins
Well, the other cryptocurrencies are also in the doldrums. XRP (Ripple) fell 10.79% but remains in second place in CoinMarketCap. Ethereum fell 15.29%, Stellar 18.38%, Bitcoin Cash 13.46%, EOS 21.71%, Litecoin 12.40%, Cardano 15.25% and Monero 13.35%.
In total, 94 of the top 100 cryptocurrencies fell.
The case of Bitcoin SV, the bifurcation born of Bitcoin Cash, is striking. Contrary to the others, it has not only gone up in price, but it has soared that it is now in position 5 of CoinMarketCap, with a capitalization market of USD 1.8 billion. The cryptocurrency is now worth $107, which is 17.73% more than yesterday. Between yesterday and today, there have been operations for more than USD 305 million. The most working exchanges have been Upbit and Binance.
Explanation
Again, the analysts do not indicate an accurate reason for this new fall, as no one can be sure as to what affected the numbers. It is the very dynamics of the market that does not yet end up standing. There are fears and mistrust, and there is still no specific signal to make the spirits rise. Unfortunately, the situation remains dire, and there seems to be no hope for a change as of now.
However, some see this drop as a reaction of the market to the news that the US Securities and Exchange Commission (SEC) delayed the decision on the latest proposal of the company VanEck on a Bitcoin ETF until February 2019. This discourages those who believe that the ETF (fund quoted on the stock exchange) is a necessary step.
We can only wait and see what happens and hope for a better outcome than what’s been happening in recent times.
