Bitcoin sinks to new 13-month low

Image sorbetto  iStock

Image sorbetto iStock

The total market cap of all virtual coins has slightly risen to approximately $182 billion. After hitting $25 bln mark on the 15th of November, it has dropped to around $13.5 billion at press time. However, this stability and so-called maturity of the market didn't really last long. The free fall in crypto prices is pretty steep at the moment.

It left Bitcoin valued just above $4,300 (£3,342).

Ripple price was holding the ground earlier when bitcoin broke the Dollars 5,000 support. Currently, the Bitcoin valuation stands at $81.2 billion.

ETFs are one of the most popular trading mechanisms and the SEC's green light would give the bitcoin market a massive infusion of outside cash. It's to be remembered that Bitcoin is the original chain from which Bitcoin Cash was forked out a year ago.

"Clients @etoro have used this crypto price drop to increase their BTC stacks", he tweeted. The last time bitcoin had sunk this low was in October 2017. Ethereum (ETH) is on an absolute free fall in the last one week losing 30% of its valuation. At press time, the coin had inched 0.9% lower against the US dollar to trade at $0.50.

Following the news, Ethereum plunged from its already low level of about $175 to a new depth for the year of below $130. That sounds like a more than decent figure for the whole blockchain business, but we're still looking at tremendous losses compared to the almost $770 billion market cap from early January. Since Monday, Nov. 19, XRP has lost less than 5%. Many cryptocurrencies including Bitcoin [BTC], Ethereum [ETH] and Monero [XMR] have all romanced yearly lows following last week's downturn. This version was incompatible with the mainstream version, creating two separate versions of the bitcoin blockchain with a shared transaction history-a situation known as a hard fork. Sentiment is not looking good right now and it could get even uglier from here for cryptos in general as the spillover effect to altcoins can be rather significant.

If buying pressure remains low, and sellers retain control in the bear market - and there's few signs of a reversal into a bull market - the next major support level "is seen around $4,100", CoinDesk reported Monday.

"The sell-off is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital. Bram Cohen, a co-founder of the proposed digital currency Chia, shares his view with Bloomberg.

Neil Wilson, chief market analyst at Markets.com, told The Guardian: "The crypto bloodbath continues". However, keep in mind that there is an opportunity to accumulate your Bitcoin at this point. The largest digital currency, which started the year at more than US$14,000, has fallen to US$4,409.43.

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