$20 billion Wipeout: The Crypto Market Broke Through a New Bottom
In less than a day, the cryptocurrency market experienced the steepest drop in 2018. Prices for all major cryptocurrencies, including Bitcoin, Ethereum and XRP, have fallen to their lowest levels on the year.
Despite experts' forecasts of the bulls coming back soon, the cryptocurrency market experienced one of the steepest price drops this year. In just one day, Bitcoin fell from about $6,300 to $5,556, which is the lowest price in more than a year.
The Ethereum price has fallen by 14.17% and reached $177.34 at the time of publication. ETH lost the title of the second largest cryptocurrency by market capitalization and now sits in 3rd place. Ripple has overtaken it for second place. Although XRP's price also fell by 10.54% to $0.455392
Bitcoin Cash, which is preparing for a hard fork, also lost all previous momentum.The BCH price collapsed by 17.93% and reached $429.20
In general, the market capitalization of all cryptocurrencies combined shed more than $20 billion of value and for the first time in 2018 has dropped below $200 billion. At the time of publication, total crypto market cap stood at $183 billion, according to statistics provided by Coinmarketcap.