Update: Crypto Selloff deepens when Bitcoin reaches the new annual minimum


The global cryptographic market dumped $ 7.5 billion overnight, with most of the bleeding from the altcoin market.

The optimism was a bit high with respect to a possible divergence from altcoin, however with the nightfall of most of the recent market gains, it seems that such hopes were a little bit more. premature.

The dive has wiped out a significant portion of the recent gains made by Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Tron (TRX) – all coins that had recorded healthy pumps in the previous month or so.

Tron (TRX) Price correction

After a series of positive developments in the last few months that seemed to translate into coin purchases, the TRX valuation has now declined by 14.7% over the last seven days.

The currency decreased by 5% in the previous 24-hour period, with most of the losses in a sudden drop in brightness that hit the entire market at around 9.00 UTC on Wednesday morning. The TRX price fell from $ 0.022508 to $ 0.021366 – a new monthly minimum for the currency, but still above the quarterly minimum in the $ 0.017 range.

Cardano (ADA) Falls

On Wednesday morning Cardano was hit even harder, losing 6.5% of the flash drop that dropped the ADA rating from $ 0.075737 to $ 0.070761.

Like Tron, Cardano's weekly figures seem even more desolate, with the price of coins reaching 11.2% of the value in the last seven days. This happens after a month in which Coinbase's speculation first raised ADA numbers, and then kept the currency afloat during a stagnant market in early November.

Bitcoin Cash (BCH) loses hardfork gains

The anticipation surrounding the nearby Bitcoin Cash hardfork pushed the price of coins up + 50% during the wave of early November. The previous seven days were less kind to BCH, as the currency sank to + 25% losses in its decline from $ 638.55 to $ 475.29.

The past 24 hours have seen BCH lose 12.4% of its value, even if the volume of trade was supported above the level of $ 1 billion – more than twice that of XRP and almost as much as Ethereum.

Stellar (XLM)

Like Cardano, Stellar is one of the three coins left in the coin lot on behalf of Coinbase. In fact, Stellar seems to be the preferred favorite to be listed on the stock exchange, and the past two weeks have seen XLM gain 30% of its value with the anticipation of Coinbase.

However, the Wednesday morning drop wiped out 7% of the XLM rating in a few hours, sending the price of coins from $ 0.26 to $ 0.247261. Stellar is now down 12.7% from its recent peak.

Bitcoin comparison …

Bitcoin, meanwhile, has maintained its best value of the altcoin, losing only 1.25% on the previous day and 3.8% in the previous week, and continues to operate safely within the narrow range established in the second quarter of 2018.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.

Featured image courtesy of Shutterstock.

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