Cryptocurrency Market Value Plummets 50% in Just a Month, BTC Back to September 2017 Price
During the last month, virtual currencies have plummetted and lost around 50% of their value. The whole crypto market has lost around $110 billion or even more. This marks a new 2018 low and several virtual currencies registered losses of more than 95% of their value.
Bitcoin (BTC) fell under $3,300 a few days ago, marking the lowest point for the largest virtual currency in the market in 16 months. All other virtual currencies have also lost their value even more than Bitcoin in most of the cases.
The third largest virtual currency, Ethereum (ETH), dropped close to $80, prices not seen since April 2017. However, both Bitcoin and Ethereum were able to recover part of their value during the last hours and bounced down from this bottom.
At the time of writing this article, the top 25 virtual currencies with the exception of Bitcoin SV (BSV) are operating positively. Bitcoin is currently being traded above $3,500 and it has a market capitalization of $61 billion.
During the last few weeks, several virtual currencies changed positions in the top 10. XRP was able to surpass Ethereum as the second largest virtual currency. Now, XRP has a market cap of $12.58 billion while Ethereum has a market cap of $9.58 billion.
Bitcoin Cash, after the hard fork and hash war experienced in November, has now two different chains. Bitcoin SV has entered the top 10 ahead of Litecoin (LTC) and EOS. Bitcoin Cash couldn’t keep as the fourth largest virtual currency and it has been moving up and down changing places with Bitcoin SV.
Now, Bitcoin Cash is the fifth largest digital asset with a market capitalization of $1.9 billion and Bitcoin SV is the seventh largest with a market cap of $1.69 billion. Tether (USDT) is in the middle of these two assets with a market cap of $1.89 billion.
EOS was also one of the virtual currencies that lost several positions in the market. It was the 5th largest asset and it went down to the 8th position with a market capitalization of $1.68 billion. Litecoin has been more stable but lost also two positions against Tether and Bitcoin SV. Not LTC has a market cap of $1.54 billion.
Tron (TRX) is the 10th largest virtual currency with a market cap of $892 million. It was able to enter the top 10 since Cardano (ADA) was not able to sustain its position during this bear market.