Bitcoin drops to $ 3,400 while Ethereum loses more than 93% of the value and XRP sinks below $ 0.30

The cryptography market has again become dark red after seeing the greens. Bitcoin, Ethereum and XRP are down between 3% and 5% as total capitalization falls to $ 108 billion. Regarding the reason why the fall continues, says the research BitMEX, in criptovaluta, "the feeling of traders is king" because "prices are falling regardless of news or investment flows".

Cryptos falling again

Bitcoin is still under $ 3,500, while it is down more than 82% from its all-time high (ATH). At the time of writing, Bitcoin was trading at $ 3,410 with a 24-hour loss of over 4%.

Meanwhile, Ethereum fell more than 93% from its peak, currently trading at $ 88, while it is down about 5%. The third largest cryptocurrency is managing the daily trading volume of $ 1.67 billion.

Whereas, XRP in 2nd place is down 91 percent from its ATH. It fell below $ 0.30 with a loss of 2.55% while managing the daily trading volume of about $ 415 million.

The price movement of the first five cryptocurrencies is in tandem with Bitcoin, as shown in the table below.

Source, Coinmarketcap

This has brought the total market capitalization to extreme minimum levels that will soon touch the $ 100 billion mark.

Source, Coinmarketcap

Meanwhile, the domination chart is seeing Bitcoin on a 55 percent hike as altcoins fall harder than the leader cryptocurrency.

Source, Coinmarketcap

From mid-November the cryptography market crashes without a concrete reason behind the fall. According to the last relationship of BitMEX, "Unusually Big Bitcoin Miners Sale" could be behind this, but again as he states: "For cryptocurrency, the traders' sentiment is king".

"We are in a bear market and prices are falling regardless of news or investment flows".

The report also talks about the mining profitability and the price collapse compared to the graph below.

"Prior to the recent crash, the industry was realizing gross profit margins of around 50% (these figures assume that electricity is the only cost included in gross profits), while after the price collapse, this it fell to around 30% for Bitcoin and 15% for Ethereum. "

The report states that revenues for the bitcoin mining industry fell from $ 13 million a day in November, starting at $ 6 million, at the start of December. Furthermore, the decline in incentives was higher than the price due to the delay in correcting difficulties.

Regarding Ethereum, its hash rate has decreased by 20% while prices have fallen significantly. The gross profit margins of Ethereum decreased even more, with no specific reason.

The report concludes with "It is likely that this will be a very difficult period for the mining industry, but for miners with lower costs, our basic analysis indicates that the situation could be better than people expect. . "

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.