In today’s cryptocurrency news, we have a new hit on the market especially for the cryptocurrencies including Bitcoin, Ripple and Ethereum which are all getting hit and have fallen again over the past 24 hours.
Bitcoin is the first one to take a beating, falling by 4% and now trading at $5,334 while Ripple, which is now the second largest cryptocurrency by market cap, has dropped by more than 6% and is now trading at $0.47. Ethereum, has fallen by more than 11% and is now trading at $156, according to data from CoinMarketCap.
It seems like the Bitcoin Cash hard fork has had a major effect on the prices of cryptocurrencies. Blamed last week for the initial sell-off, it managed to wipe billions from the market and led many analysts to believe that the nature around cryptocurrencies is quite chaotic – especially when they are used as currencies and store of value.
As a result, the top cryptocurrencies have been dropping in what’s named ‘the civil war of crypto’ because of the fork, which led to smaller cryptocurrencies splitting again in two last week – resulting in the creation of Bitcoin Cash ABC (BCHABC) and Bitcoin SV (BCHSV).
No one knows if this bearish trend will continue. According to analysts, it is more than likely for the prices to remain the same and drop until 2019 – and currently, a breakout scenario is far from reach.
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