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In the last 24 hours, another 25 billion dollars have been swept away by the encrypted market while the main digital assets have suffered a significant decline in value.
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Stellar (XLM) reported a loss of 14 percent, 14.5 percent, 45 percent and 10 percent respectively, showing a sharp decline in both of volume that of momentum.
Bitcoin Cash Dropping more than any asset
As expected, Bitcoin Cash SV, a forked cryptocurrency created by the camp of Craig Wright, Coingeek and Calvin Ayre, has fallen from $ 170 to $ 60 in three days. With the fall of SV, the combined value of SV and Bitcoin Cash (ABC) fell from around $ 450 to $ 270, by almost half.
Because of the quarrelsome clash and hashish battle between SV and BCH on November 15th, the price of the BCH fell from $ 450 to $ 270, with BCHABC suffering significantly from the conflict. As Roger Ver, a well-known cryptocurrency investor and CEO of Bitcoin.com, said, "nobody wins a war, some lose less than others."
Based on current market conditions and the intensity of the decline over the last 24-48 hours, it is expected that Bitcoin Cash and other major cryptocurrencies will further decline, with BCHABC seeing for the first time a $ 180 test in its history of 15 months.
Other large-capital digital goods such as Monero (XMR), Tron (TRX), Dash (DASH), IOTA (IOTA) and Binance Coin (BNB) recorded an average daily drop of around 16 percent.
The sharp decline in the price of BNB is particularly surprising given the fact that BNB remains the best performing cryptocurrency of all 2018 before Bitcoin.
From its all-time high, Binance Coin is down about 74 percent. In contrast, Bitcoin is down 76.5% and Ethereum is down 87%.
Both BNB and Bitcoin have shown a relatively high level of stability in recent months, especially from July to November.
However, Ethereum, probably due to the large amount of ETH still held by initial money offerings (ICOs) as start-ups The former chief editor of Diar Larry Cermak reported, could continue to fall below the most important support levels in the coming weeks.
"On average, all these projects have moved or liquidated 62% of the amount initially collected, in other words, still hold 38% of the amounts initially collected, of course, many ICO companies will continue to sell ETH to cover operating expenses and fund their activities It is important to realize that most of these projects do not generate revenue, and most likely never will. "
Ethereum is in the worst position among all the major cryptocurrencies
ETH is approaching $ 130 with a further decline in value of 15%, suggesting that millions of dollars of ETH are downloaded onto public cryptocurrency platforms by both ICO project operators to finance transactions and individual ETH investors .
As the sales pressure on ETH intensifies in the days ahead, ETH could undergo a $ 100 brand test for the first time since mid-2017.
Shutterstock foreground image. TradingView Charts.
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