Bitcoin Plummets; Hits Biggest Low in 13 Months
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Bitcoin recently fell to its biggest low in the past 13 months, essentially flat-lining meaning that the $6000 support that held steady all year round finally broke. This is the lowest it’s been since October 2017. This isn’t too surprising due to the fact that all top crypto-currencies are experiencing something of a decline lately.
And it would be remiss not to address factors such as: the waning interest from traders due to these record lows along with reduced monetary velocity. Bitcoin itself has fallen to $5173.23. Prior to this, it had already fallen 5.2 per cent, being valued at $5270. According to observations, Bitcoin’s value is dropping by 5 per cent every 24 hours and by 16% on a weekly basis. Assessing the loss by year indicates that the value has fallen by 32 per cent within a year. This can be calculated by looking at the trading price in November 2017, which was above $7600 (quite high in comparison to current numbers).
Other currencies of a similar nature such as: XRP, Ethereum, Cardano and Tron are exhibiting similar losses within the double-digit range. For example, ETH has fallen below $155 which is unprecedented in 2018 as the last time it experienced such a low was in July of 2017. Similarly, reports indicate that in the case of XRP the drop has been calculated to be around 6.5 per cent. Of the top one hundred crypto-currencies currently active in the world (based on market capitalisation), it can be observed that only nine of them are trading within the green zone. Additionally of these nine, three among them are stable coins which are attached to fiat currencies.
Amid these dramatic losses the total market capitalisation of major crypto-currencies has hit its biggest low in the past 13 months, with a calculated value of $172 billion. It can be observed that just within the previous days (past five days to be exact), the number has dropped by more than $30 billion. Technical charts are showing that Bitcoin is beginning to look increasingly weak and the likely result of this is a visible increase in risk aversion.