It seems like the downward trend for Bitcoin is continuing day after day. This Tuesday, the market just wiped out another $25 billion in a new major sell-off that is viral in our crypto news section.
Over the past 24 hours, Bitcoin has lost about 14% of its price, while Ethereum lost 14.5%. Bitcoin Cash was the biggest loser again, losing 45% from its value and Stellar (XLM) followed with 10% losses accordingly.
As expected, Bitcoin Cash dropped the most because of its hard fork and the quick sell-off that it triggered over the past few days. The newly produced versions of Bitcoin Cash (BCH), Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) also suffered losses. While BCHSV fell from $170 to $60 in a three day span, BCHABC fell from around $450 to $270, almost splitting in half.
The current market conditions are quite gray – mostly because of the intensity of the drops over the last 24 to 48 hours. A couple of days ago, Bitcoin was trading near $7,000 and today we are noticing a downward trend that may lead the most dominant cryptocurrency even below the $4,000 support line – if this bearish trend continues.
A sell pressure on the other altcoins could also intensify in the days to come – pushing BTC, ETH, XRP and BCH to even lower limits by the end of this year.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post