The market rout further deepened in the Thursday’s session as the overall crypto market cap is now nearing the $100 billion mark, losing close to $16 billion overnight. This now marks near to 90 per cent fall in crypto values since its peak in January 2018.
The Bitcoin prices have now set a yearly low of $3,310 level, and also has broken a strong support line around the $3,600 level. Bitcoin is now trading around $3,400 level, a fall of more the 10 per cent overnight. With fresh new selling in the market, the Bitcoin is likely to drop below the $3,000 level ($2,900 next important support level) and could possibly reach down towards the $1,800 level.
For Ethereum, it has been the worst session as it is now trading in the $80 region, marking a fall of over 15 per cent overnight, wiping out all the gains since mid of last year. Now next important support for Ethereum is placed at $50 level underneath.
One of the surprising and rare developments in the market was, Bitcoin Cash SV taking over Bitcoin Cash ABC in terms of market cap for a brief moment and coming in at the fifth rank. In fact, Bitcoin Cash SV (BSV) is one of the top gainers in this bear market today and is trading with 18 per cent gain against USD and is at sixth rank. At one point BSV was trading at the $112 level, with gains of around 25 per cent.
The crypto market still demonstrates deep selling pressure with no definite sign of a turnaround and if the carnage continues, it would take more time for the market to establish the lower range. It is now certain that the market is heading for the worst yearly performance in its history.
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