The new week opened with a bitter pill for cryptocurrency enthusiasts as the market stays in red and major cryptocurrencies drop to their lowest points this year. Many cryptocurrencies including Bitcoin [BTC], Ethereum [ETH] and Monero [XMR] have all romanced yearly lows following last week’s downturn.
Bitcoin [BTC] Price Reach 13-Month Low
On Monday, November 19, bitcoin dropped to $5,165 as it reels from the huge slump last week. The last time bitcoin traded this low was on Oct. last year long before BTC broke the $10,000 barrier and soared to an all-time high later that year.
Last week Bitcoin [BTC] sharply dropped from around $6,500 to $5,500 breaking a crucial support at $6,000. This took the market by surprise as bitcoin prior to the hit have maintained a level of stability which is uncommon in crypto markets.
At the time of writing, bitcoin is trading at $5,283 a 7 percent loss from the last 24-hours and 18 percent down from last week according to data from CoinMarketCap. But the price is changing fast reflection the increased volatility in the crypto market since last week.
Furthermore, Bitcoin currently has a market capitalization of $92 billion the lowest it has being since the year began. Put in perspective, bitcoin price by this time last year, closed at just over $8,000 with a market cap of more than $134 billion.
Bitcoin is not down alone.
Ether [ETH] Falls to A New Yearly Low
Before today, Ethereum has struggled close to its lowest position this year but as crypto markets took a hit, the price of Ether [ETH] slumped to its lowest position in 16 months.
As Smartereum reported, Ether hit an all –year low of $185 in September rumors that ICOs were selling of ETH they received during their crowdfunding. While ETH recovered slightly to trade above $200 for the better part of September, October and first two weeks of November.
But on Thursday last week, ETH price dropped below $200 again and has continued until a new yearly low of $155, breaking a critical support at $175. This is its lowest point since July last year.
ETH also lost a significant $16.5 billion in market capitalization over a few hours to reach a total market cap of $16 billion. Ethereum’s price struggles have it relegated to the third position in the ranking of digital assets by market capitalization.
XRP is currently in second place with a market cap of around $19 billion. Though also in red, XRP has performed better than all other coins posting a 6.9 percent loss in the last 7 days compared to 18 percent for bitcoin and 29 percent for ether.
Monero [XMR] price reaches its all-time low for the year
Privacy-focused coin Monero [XMR] is another crypto asset that witnessed its lowest price position in over a year following last week’s dip. According to data from CoinMarketCap, Monero lost over 27 percent of its value in the last 7 days and is currently trading at $77 to the dollar.
This low beats $88.1 for which Monero exchanged hands in August. The total market cap at the time of writing stood at $1,277,300,123 USD a far cry from its all-time high of more than $7 billion in January.
This downturn comes in spite of notable developments around Monero project and listing on Poloniex with Circle’s USD stablecoin pair.
Entire Crypto Market Bleed
Apart from a few dollar-pegged stablecoins, all top 100 cryptocurrencies were in red some posting as much as 30 percent loss week on week. At least $37 billion have disappeared from the entire crypto market in the past week as values of cryptos went down.