New Bitcoin Price 2018 Low Point: How Long Will BTC Value Stay Below $4,000 USD
The unprecedented downturn in the market continues as Bitcoin prices fell through $4000, a new low not seen since the 27th of September last year.
As many analysts had feared, once the currency dropped below the support value of $5000, a general rout might occur. On the 24th of this month at roughly 4:30 in the evening the largest crypto in the world fell to an average price across exchanges of $3,970.43. This was already about 7.5 percent lower than the opening price of $4,298.83 for that day
To make matters worse, at the time of writing, the price of BTC has slid further to $3,695.91. This pheaps further misery, in a week where prices have tumbled an astonishing $1,975, or about 33 percent, of its total value. It is indeed a far cry from the heady days of January, earlier this year when the prices were about $20000.
Of the 10 largest cryptocurrencies in the world, by market cap, most of have had a troubled time. Bitcoin cash (BCH), Monero (XMR), Stellar (XLM) and Cardano (ADA) have all posted losses in excess of 10 percent in a single day and were the worst performers.
Due to this general downturn, there have been far-reaching consequences for the overall market as the entire market has shrunk significantly. In fact, in the last seven days, the total market capitalization, that was valued at $182 billion, has fallen to $127 billion. This fall by over $50 billion now means the market is at a 400 day low.
While many are wondering if and when the market will bounce back, the silver lining is the performance of other cryptos in comparison to BTC. Just in the last 24-hour cycle the smaller currencies, the likes of Ripple (XRP), Ethereum (ETH) and Dash (DASH) have all posted an upturn of at least 2 percent against BTC. This, despite the fact that the industry is still suffering through continuous falls in value, against the dollar. With prices showing no sign of stabilizing, it will be interesting to see when the slide is finally arrested, what is the cost of destruction.