Cryptomarket is in panic, losing capitalization
Oooops - looks like it’s bad news again! The market has been showing very negative trendings recently, constantly losing its capitalization. Analysts see one of the main reasons for that in the elapsed Bitcoin Cash hard fork which took place on November, 15th and gave birth to BCHABC and BCHSV.
And now we receive information that the cryptomarket is in the state of panic, with Bitcoin (BTC) hitting new lows in more than a year.
According to the data from CoinMarketCap.com and exchanges, the world’s first cryptocurrency dropped up to 17 percent in 24 hours, therefore reaching $4,237 USD. At the moment of writing this article it’s traded at $4,661 USD, but the situation is still extremely volatile, as the coin faces new resistance levels. As mentioned before, it can be assessed as a result of BCH hard fork, which resulted in the setting of two independent and competing blockchains. Although previously BCH had been keeping the main part of its value, in the last 24 hours it lost almost 40%, now reaching $415 USD.
But not only Bitcoin Cash suffered heavy losses, as other cryptocurrency have lost a lot, too. Ethereum (ETH) has significantly dropped just as Ripple (XRP), the second and the third largest cryptoes by market capitalization. Many other digital assets lost about 17% of their value, making noticeably shrink the total market cap. It makes now $146 billion USD, dropping from its weekly high of $212 billion USD.