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Overnight, the cryptography market lost about $ 16 billion in its valuation as it fell from $ 123 billion to $ 107 billion.
- For the first time since May 2017, the price of Ethereum fell to the region of $ 80, canceling all gains recorded in the bull market at the end of last year.
The Bitcoin Cash price dropped to double-digit at $ 94 for the first time in its 16-month history. Following the execution of a hard fork mishap in August 2017, Bitcoin Cash debuted in a volatile range of $ 2,000 to $ 4,000.
What is causing the intense sell-off?
On December 6, CCN reported that a further fall in Bitcoin (BTC) to $ 3,000 could be inevitable, due to the sheer intensity of its sell-off over the last month.
At the time, the technical analyst DonAlt, said that a decline to $ 2,900 could become a possibility if the dominant cryptocurrency fails to sustain any momentum in the $ 3000 high region.
"Closed under the support, it does not look too cute, BTC has to recover the media quickly otherwise I expect it to go for the previous lows, if those do not stand I'm looking at $ 2,900. SFP at the minimum, "said DonAlt.
Regarding Ethereum (ETH), which recorded the most pronounced decline among all the major cryptocurrencies of the market in the last four to five weeks, the analyst He said that the asset is currently showing weaknesses based on practically every technical indicator:
"Finally enough low to get my interest back in. Take the bass, straight into the daily support, a strong daily clench today would open some swing possibilities, a weak daily closure today and I would definitely stay away."
When Bitcoin and the large market-capitalized digital assets initially declined in mid-November, some analysts, including DonAlt, suggested that the low volume of assets is relative because, without significant sales volume and sales pressure, the sale of cryptocurrencies shows an autumn.
The volume of the main digital activities has never regained momentum in the last month and with the increase in sales pressure with the big owners who have moved their sleeper addresses, the value of cryptocurrencies has started to drop by wide margins.
Beginning in December, only Bitcoin was able to avoid a decline of more than 85 percent from its all-time high of $ 19,500.
Ripple (XRP), EOS (EOS), Stellar (XLM) and Bitcoin Cash (BCH) all plummeted more than 91 percent from historic highs, with BCH down 97 percent.
Over the past nine years, the cryptocurrency market has recorded five major corrections with an average decline of 85 percent. For Bitcoin record a decline of 85% from its all-time high, its price is expected to fall to $ 2,950.
Where is Market Heading
The market is in a bad situation and while Bitcoin has fallen to a new annual low, it still remains under 85% from its all-time high. If digital assets continue to show a lack of trading activity, an appropriate fund may take longer to be established even in a lower price range.
Click here for a bitcoin price chart in real time.
Shutterstock foreground image. TradingView Charts.
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