The crypto market crashing is no longer a debate. The remaining denial is quickly turning into fear as Bitcoin is going straight down to $4 000 after being up to $20 000 less than a year ago.
According to data from CoinMarketCap, Bitcoin is down 13.90% for the last 24 hours. For the same time window, Bitcoin’s “rival” Bitcoin Cash is down the staggering 42.86%.
The crypto market crashing was preceded by a period of calm since Bitcoin hovered between $6500 and $5900 for the last month. That being said, things are taking a big turn for the worse as the widely discussed Bitcoin Cash hard fork happened.
November is usually a month where Bitcoin does well. In fact, it’s one of the most bullish months in Bitcoin’s history. November has seen Bitcoin record gains 7 years in a row. This year however the 24% loss is going to prove difficult to get over to.
While all eyes are on Bitcoin, it’s necessary to state that the crypto market is in a state of selloff. It’s not just Bitcoin or Bitcoin Cash. Even long time HODLers are now beginning to panic and looking to cut their losses.
The crypto market has additionally lost $50 billion from its total market cap. The current market cap is $79 953 138 313. In January, this number was a little over $820 billion.
The crypto market crashing may only be just the beginning
Another big alarm for investors and HODLers is the overall performance of the biggest cryptocurrencies. 8 of the top 10 cryptocurrencies have losses above 24% in the last 10 days. The biggest “outperforming” is done by XRP as it surpassed BTC and is down only 5% in the last week. XRP is also down 11.90% in the last 24 hours.
While these numbers seem incredibly scary, it’s important to remember that this is not the first time crypto market drops like occur. Back in 2013, BTC had its all-time high of $1163 and quickly fell down to $160 in about a year’s time.
At the same time, litecoin (LTC) registered an overwhelming loss as it dropped from $50 to $1. The coins later respectfully rose to $20 000 and $325.
As the end of the year is nearing, traders, investors and HODLers are patiently waiting to see how things develop. No one really knows when the bottom will be reached, but these developments will without a doubt, bring a huge opportunity for profit later on.
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