Bitcoin (BTC) Falls, Bringing Down the Entire Cryptocurrency Market

Bitcoin (BTC) Falls, Bringing Down the Entire Cryptocurrency Market

Bitcoin (BTC) Falls, Bringing Down the Entire Cryptocurrency Market

$BTCUSD

For months, the price of Bitcoin has been hanging around the mid-6,000’s mark.  But now, the most popular cryptocurrency has plummeted by 12% over the last day, hitting a value just above 5,500.

The total market capitalization for Bitcoin now stands at $96-B, the 1st time the market cap has fallen below $100-B since October last year. The total market cap for the entire cryptocurrency scene now stands at $181-B.

Bitcoin is far from the only casualty, with cryptocurrency price charts all firmly in the red right now. XRP (Ripple), the second-biggest virtual coin, is down 9.2%, Ethereum’s Ether is down almost 13%, and Bitcoin Cash is down 8.7%.

The volatility is back

The selloff in the virtual-asset market extended into Thursday, with Bitcoin the #1 digital currency on track for its 4th consecutive loss and a new YTD low.

1 Bitcoin (BTCUSD) was last changing hands at 5,630.87, down 1.3% since Wednesday at 5:00p ET on the Kraken cryptocurrency exchange.

Earlier in the session, Bitcoin hit 5,263.20, its lowest mark in more than a year. Early afternoon the hyped hard fork of Bitcoin Cash began.

The Bitcoin Cash hard fork

“The market will ultimately decide which chain people will want to own. It is the investors and users that ultimately support the value of a cryptocurrency. Assuming miners are economically and not ideologically driven, hash rate should follow the price,” wrote 1 analyst Wednesday.

The Big Q: What are altcoins and futures doing?

The group of 2,000 or so coins other than bitcoin, known as altcoins, are mixed in late Thursday afternoon trading.

  • Ether, ETHUSD, +1.95% was off 0.6% at 175.02,
  • Litecoin LTCUSD, +1.17% had gained 1.2% at 42.52 and,
  • XRP, XRPUSD, +3.35%was down 0.6% at 46 cents.

The uncertainty around the hard fork had pushed Bitcoin Cash BCHUSD, +2.04% to its lowest mark in more than a year, trading down 9.1% at 386.

In futures trading, the Cboe Global Markets December contract XBTZ8, +2.05% finished the session down 1.1% at 5,365, while the CME Group November contract BTCX8, +1.29% ended up 1% at 5,425.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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