For the past 48 hours, cryptocurrencies have been falling significantly against the USD. Starting with the leading cryptocurrency per market capitalization, Bitcoin. The bloodbath is said to be related to the Bitcoin Cash Fork. Yesterday, the price dip only got worse with Bitcoin (BTC) reaching a low of $5,400. The total market capitalization for all cryptocurrencies fell as low as $174. This price swing comes after months of relatively low price volatility.
Bitcoin (BTC) Price Today – BTC / USD
Almost all the top 20 coins are suffering significant loses against the USD. Basking in the bearish wave, XRP was able to overtake ETH as the second largest cryptocurrency per market capitalization. XRP gained by 2.2% before the end of trading yesterday. It traded at $0.464 even if it reached an intraday low of & 0.43. The support at $0.50 held the price firmly.
Today, XRP is trading in green at $0.473369. This shows that it is up by 4.32% against the USD and up by 2.49% against Bitcoin. It has a market capitalization of $19,063,404,012 and a daily trading volume of $880,639,229.
XRP (XRP) Price Today – XRP / USD
Yesterday, Ethereum (ETH) was trading as low as $180 after it fell to the $170 level and started recovering against the USD. It was down by 3.35% after trading yesterday and down by 17% for the week. At the time of writing, ETH was trading at $178.54. While it was by 1.60% against the USD, it was down by 0.32% against Bitcoin. Even if is now trading in green, XRP is still in second place.
Ethereum (ETH) Price Today – BTC / USD
At press time yesterday, the entire market was down with the market capitalization of all cryptocurrencies taking a dip below $180 billion. While this figure is discouraging, it is a rebound from the initial low of $174 billion. The global trade volume was about $22.3 billion at the end of trading yesterday. At the same time, the list of cryptocurrencies on CoinMarketCapital reduced to 2,080. The market capitalization is now around $184 billion.
What Experts Have To Say About The Current Price Action
Many experts have aired their opinion on the current price action. As reported by smarttest.wpmudev.host, Brian Kelly, founder of BKCM said that the Bitcoin Cash Fork is responsible for the current price action. He said that things would stabilize after a consensus is reached.
Bitcoin Cash (BCH) Price Today – BCH / USD [ccpw id=”17318″]
The Chief Strategic Officer at CoinShares also made a comment about the current situation in the market. He claimed that the sudden bearish volatility was ignited by the Bitcoin Cash Fork. According to him, institutional investors are removing their funds from the market to minimize the risks associated with a possible conflict in the ecosystem.
Ahead of the fork, maga cryptocurrency exchange OKEx announced that it will be delivering Bitcoin Cash futures contracts to investors in a bid to avoid market manipulation. It’s going to take a few weeks for the market to recover from this price crash.
Bitcoin Cash (BCH) Price Analysis
Of all the cryptocurrencies that suffered losses yesterday, Bitcoin Cash (BCH suffered the most. The fourth cryptocurrency per market capitalization has fallen by up to 30% within a week. Yesterday, it traded as low as $420 against the USD. At the time of writing, BCH was trading at $406.68. This shows that it is down by 7.01% against the USD and down by 8.62% against Bitcoin. The trading volume over a 24 hour period is $748,267,572 and the market capitalization is $7,101,207,501.