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Cryptocurrency traders and owners are getting a rude awakening this Monday morning as markets continue to fall.
Bitcoin failed to maintain support for $ 5,600 and returned back to $ 5,320 by dragging all the other altcoins with it. With a dip of over 10% on the day, Ethereum is back below $ 160, the lowest level since July 2017.
The slide started about six hours ago when ETH, which could now be renamed DETH, lost support at $ 175 and headed down, quickly. Within a few hours he had broken under $ 165 and was still falling. According to coinmarketcap.com, Ethereum has lost more than 11% in the last 12 hours.
It is currently trading at its lowest point in 2018 and has not been consistently around this price range since May 2017 when it fired from $ 90 to $ 400 in less than a month before returning to around $ 200.
The market capitalization of ETH was hit hard by falling to $ 16.5 billion with a $ 1.6 billion landfill in a few painful hours. This is good news for XRP, which now exceeds $ 2.5 billion, firmly in second place. The XRP has not escaped unscathed and also lost 6% in the day down to $ 0.47 at the time of printing.
The overall losses of XRP have never been as negative as those of Ethereum which gave it the advantage over last week. At the moment, Litecoin, Cardano, Monero and IOTA are also injured, which are losing more than 10% in the last 24 hours.
As a result of this latest landfill, Tether has finally regained its peg to the dollar and is the only altcoin that shows a positive movement right now.
Cryptocurrency markets are back to their lowest levels in 2018. Losing more than $ 37 billion in a week, traders and analysts are wondering where this slide will end and how far things can go. Some have already speculated that Bitcoin could easily shrink to $ 4,500, but this will leave many of the altcoins virtually useless compared to previous prices.
The winter crypt is still in full effect and another avalanche has just occurred, the hodlers will be wondering if they have left something worthwhile.
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