Market Analysis

Cryptomarket loses 16 billion dollars as currencies record 10-30% drops

Cryptomarket loses 16 billion dollars as currencies record 10-30% drops
Dec 7, 2018 by Rico Wise

ETH value has dropped to the 80 USD area, which has not been seen since May 2017. This drop erased all the profits recorded in the course of the bull market of the late 2017. BCH currency also dropped to the level of 94 dollars for the first time in its history. During the fork even that took place back in August 2017, BCH has made its debut in a fluctuation ballpark of 2,000-4,000 USD.

Yesterday, it was reported that a following decline for BTC to 3,000 USD might be inevitable, because of the increased intensity of the asset’s sell-off over the past 30 days. DonAlt, a renowned tech analyst, claimed that a decline to 2,900 USD might become likely in the event that Bitcoin is unable to maintain its momentum in the upper 3,000 USD area.

As for ETH currency, which faced the most abrupt of the declines among the dominant digital currencies in the cryptomarket over the past month and a half, DonAlt stated that the currency is at the moment displaying weakness according to every single tech indicator.

When BTC and big market capitalization cryptocurrencies originally decreased in price in the middle of November, some of the cryptoanalysts, DonAlt included, proposed that the low trading volume of the currencies is worrying, as with no substantial sell volume and pressure, the sell-off of the digital currencies displays a free fall.

The volume of dominant cryptocurrencies still has not managed to restore its momentum over the past 30 days, and with the sell-pressure rising because of the large holders who move their dormant addresses, the prices of digital currencies began dropping by large margins.

As of this month, only BTC managed to escape a drop accounting for over 85% from its all-time peak at 19.500 USD. XRP, EOS, XLM, and BCH have all dropped by over 91% from their respective all-time peaks, with Bitcin Cash dropping by a whopping 97%.

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