The entire crypto market is still experiencing a free fall. At the time of writing, all but two of the top ten digital currencies in the market are in the red. Over the past twenty-four hours, some digital currencies have lost more than 11 percent of their values.
Bitcoin (BTC), which amassed some gains earlier this week, has lost most of its gains to the bears on Wednesday. Bitcoin (BTC) surged over the $4k level earlier this week. Nevertheless, the digital currency is now trading below the $3,800 level at the time of writing.
Bitcoin (BTC) began the day close to the $4k level. The digital currency continued to decline until it got close to the $3,700 mark. Bitcoin lost 4.37 percent of its value in one day. From the weekly chart of the coin, it is at its lowest level over the past 7 days.
Reasons for the Decline in the Market
Thomas Lee – the co-founder of Fundstrat – attributed the recent declines in the market to three events. Lee said one of the reasons for the decline in the market is the controversial Bitcoin Cash (BCH) hard fork. The next reason is the recent actions taken by the US SEC (Securities and Exchange Commission) that forced ICOs to give investors back their funds. The last reason is the terrible condition of the global markets.
However, a lot of analysts and investors have attributed the recent declines to the hard fork of Bitcoin Cash (BCH). Bitcoin Cash (BCH) recently underwent an important upgrade which resulted in the splitting of the network. The hard fork resulted in Bitcoin Cash SV and Bitcoin Cash ABC. Both splits were in a battle over who will retain the ticker and name of the original Bitcoin Cash (BCH). However, the dust seems to have settled and Bitcoin ABC emerged as the winner.
XRP (XRP) Price Today – XRP / USD
XRP (XRP) is still holding the second position on the list of top digital currencies by market cap. The digital currency is currently trading at $0.339 after a decrease of about 2.7 percent over the past twenty-four hours. XRP is at its lowest level this week after declining by more than 11 percent over the past seven days. The current market cap of XRP is $13.68 billion and its trading volume over the past twenty-four hours is $438.4 million.
Ethereum (ETH) is still behind XRP (XRP) by market cap. The digital currency has declined by more than 4.5 percent over the past twenty-four hours, bringing its value to $102. Ethereum is also at its lowest over the past seven days. The market cap of the digital currency is now $10.67 billion with a trading volume of $2.14 billion over the past twenty-four hours.
The total market cap of the entire digital currency is also down. At the time of writing, the entire crypto market is valued at $121.2 billion.
Bitcoin (BTC) Price Today – BTC / USD
According to a report by Bloomberg, Bitcoin (BTC) is turning negative again. Experts at Bloomberg said that the value of Bitcoin (BTC) and other digital currencies are likely to weaken. Mike McGlone – a Bloomberg analyst – even predicted that the value of Bitcoin will plunge to about $1,500. Bitcoin (BTC) is now trading at $3,850 after a decrease of about one percent over the past twenty-four hours.