Market Analysis

Digital currency market loses 25 billion dollars more due to a big sell-off

Digital currency market loses 25 billion dollars more due to a big sell-off
Nov 20, 2018 by Rico Wise

BTC, ETH, BCH, and XLM currencies have all registered losses of 14%, 14.5%, 45%, and 10% accordingly, displaying a big drop in both volume and momentum. Just as predicted, the SV fork of BCH decreased from 170 to 60 dollars in the course of three days. With the drop of BSV, the combined price of Bitcoin Cash dropped by almost half of the amount.

Because of the hard fork event and the hash wars that followed, Bitcoin Cash went from 450 USD to 270 USD in value, with BCHABC struggling substantially in the result. Roger Ver, a well-known cryptoinvestor and chief executive of Bitcoin.com stated that there are no winners in the war, only bigger and lesser losers.

Due to the ongoing cryptomarket conditions and the amplitude of the price decrease over the past couple of days, BCH and other dominant digital currencies are anticipated to go down further in value, with BCHABC setting its course for the trial of 180 USD for the first time in over a year.

Other cryptocurrencies with big market capitalization, such as XMR, TRX, DASH, IOTA, and BNB have all registered a collective average of an approximately 16% decrease. The abrupt value decrease was unexpected for BNB coin in particular, given that BNB is the best performing digital currency of the year.

In terms of all-time peaks, BNB has lost approximately 74%, while BTC lost 76.5%, and ETH has dropped 87%. BNB and BTC have both displayed a more or less stable activity over the past few months. Nevertheless, ETH might keep on dropping below the key support levels in the upcoming weeks, getting closer to 130 USD prices with another 15% price decrease

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