Bitcoin has lost almost a third of its value in just a week as cryptocurrencies come under renewed pressure.
Bitcoin's USA dollar value continued plunging Monday, driving the cryptocurrency's price below the $5,000 mark for the first time in 13 months. For the first time this year, Ethereum market cap has slipped below $15 billion.
After an unprecedented speculation bubble saw bitcoin touch $20,000 in December 2017, the coin's value has nosedived in volatile trading over the following months. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN. At the time of writing, BCH/USD (ABC) plunged 4.55 percent to $210.00, its lowest since its emergence out of the hard fork and BCH/USD (SV) plunged 31 percent to 39.21. The latter two are now competing vs each other to prove themselves as better versions of the parent coin. So-called alternative coins slumped even more, with Ether tumbling as much as 13 percent and Litecoin cratering as much as 14 percent.
For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc.
Bitcoin continued to slide to a fresh 2018 low this morning, surpassing last week's crash as the effect of bitcoin cash's split weighed heavily on cryptocurrencies.
Will the decline of U.S. crude prices continue below $60 a barrel?
Traders said recent weakness in equities has fanned concerns about global growth, which is also contributing to declines in oil. According to the report, OPEC crude output went up to 32.99 million barrels per day in October, "up 240 kb/d on a year ago".
Yesterday, Changpeng Zhao (also known as "CZ"), the CEO of the largest crypto exchange, Binance, tweeted something that hints towards the possibility of XRP becoming a base currency on the leading exchange.
The crypto markets entered a major correction on Monday while losing $25 billion market cap for the second time in last one week. The gap between XRP and Ethereum continues to widen and it looks like XRP is strongly cementing its position at the Numer 2 spot.
Over the coming days and weeks, the market's price movements will give investors increased clarity as to whether or not this is simply capitulation or a sign of what is to come in 2019. Bitcoin has dropped below $4,500 to $4,392 before being supported and rising till $4,500.
On a positive note for bitcoin, Switzerland approved its first cryptocurrency exchange-traded financial (ETF) product.
Neil Wilson, chief market analyst at Markets.com, told The Guardian: "The crypto bloodbath continues".
As investors piled in the hope to capitalize on the opportunity created by Bitcoin Cash fork last week, the markets gained momentum for a while, but subsequently fell off a cliff. Some cryptos seemed to be on the road to recovery as their prices stabilized.