Friday, November 23: Crypto's markets are facing another significant drop today, with Bitcoin (BTC) seeing another annual minimum and Bitcoin Cash (BCH) down nearly 50% in the last 7 days, according to CoinMarketCap data .
The main 20 cryptocurrencies by market capitalization are all red this Black Friday, with some altcoins losing more than 10% in the last 24 hours at the time of printing.
Market display from Coin360
Bitcoin fell below the price of $ 4,200 to a minimum of $ 4,195 previously today, surpassing the lower threshold for the first time since September 2017. At the time of printing, the main cryptocurrency fell by around 4.5% and switches to $ 4,291. After a massive drop last week, Bitcoin has fallen about 23% in the last 7 days.
The Bitcoin domain in the markets represents around 54% from the time of printing, according to CoinMarketCap.
Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin price index
Ripple (XRP), the second highest cryptocurrency by market capitalization, was also affected by the decline, down 7.6% in the 24-hour period. The cryptocurrency is trading at $ 0.40 at the time of printing, down more than 14 percent from last week.
24-hour price graph ripple. Source: CoinMarketCap Ripple Price index
Ethereum (ETH) is trading at $ 120, down more than 30 percent from the week.
Bitcoin Cash, which according to some has caused the recent collapse of the markets with its recent hard fork, is down by almost 50% in the last 7 days. Trading at $ 204, the currency is seeing a decline of 6.5 percent on the day.
The total market capitalization is currently $ 138 billion, after a decline of up to $ 136 billion before today. After the high daily trading volumes peaked at $ 25 billion on November 20, today's daily trading volumes have stabilized around $ 14- $ 15 billion.
Total capitalization chart of market capitalization. Source: CoinMarketCap
Stephen Innes, head of Singapore-based capital market trading, OANDA Asia Pacific, told Bloomberg that there are still "many people" on the market in its current state. However, the expert suggested that if Bitcoin saw a "run for $ 3,000", the "crypto-market" will be a monster, "with people" looking for exits. "
Asserting that Bitcoin could drop to as low as $ 2,500 by January 2019, Innes expressed confidence in "other cross-asset games", notably emphasizing the gold:
"Gold prices will rise significantly higher and there is an inverse relationship that we are starting to see with gold and coins".
In conclusion, the expert predicted a broad range of prices for short-term Bitcoin, stating that the largest cryptocurrency could go from $ 3,500 to $ 6,500 in the near future.
Due to the recent collapse of the markets, the crypto industry has also seen a collapse of its cryptocurrency mining sector due to massive reductions in profits for miners. Yesterday, Cointelegraph reported that China's crypto miners were selling hardware crypto by weight rather than by unit.
On November 20, the United States' main US mining and encryption company, Giga Watt, filed for bankruptcy, stating that the company is "insolvent and unable to pay its debts when it is due", with assets between zero and $ 50,000.