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Cryptocurrency Market Downtrend Continues, Bitcoin Cash Slips to 6th Spot After Decline of 13%

December 16, 2018 11:37

The fall of cryptocurrency market has once again sped up over the course of last 24 hrs as major cryptocurrencies all fell hard. But Bitcoin Cash has been the biggest loser with a loss of 13%.

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The ongoing massacre of cryptocurrency market is not showing any signs of a slowdown. And just like the recent days, Bitcoin Cash is suffering the most from this ongoing carnage. We’ve seen in past how it dropped dramatically in value up to 20% in a single day, and now today something similar happened when it lost 13% of its value within a few hours. While it’s true that all other major cryptocurrencies also dropped simultaneously, the fall of Bitcoin Cash has been significant. At the time of writing it’s trading at $81.98, and as a result it has also slipped to 6th spot in the list of cryptocurrencies by market cap.

The condition of Bitcoin itself is also not any better. It’s trading around the crucial $3,200 support level, and if that support is broken we don’t know if it will hold above $3,000 or not. Ethereum, which used to be the 2nd largest crypto by market cap, is also not in its place anymore as now XRP sits in its place. Both XRP and ETH are down 2.47% and $1.78%, respectively, trading at $0.29 and $85.09.

Next in line are Stellar and EOS on 4th and 5th spots. Stellar has also been among the cryptos that are falling hard – over the course of last 24 hrs it has dropped 5.98%, and currently it’s trading at $0.098. EOS is trading at $1.85, which represents a fall of $0.44.

An outlier is Litecoin, trading in green with a rise of 2.66% at $24.03. It’s the only cryptocurrency in green among the top ten. If you expand your criteria and look a bit broader into Top 20 zone you can find NEO (CMP $5.7) and Dogecoin (CMP $0.002078) also trading in green, but their gains are minuscule at 0.31% and 0.63%, respectively.

But clearly, both Bitcoin Cash and Bitcoin Cash SV have turned into biggest losers after splitting during this bear market. They’re facing the majority of heat. If Bitcoin Cash fell 13%, the condition of Bitcoin SV is also not any better. They’re also trading at a loss of 9.4%, with current market price at $72.42. The fork could have come at a better time, but clash of egos doesn’t allow people to consider anything.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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