The cryptocurrency markets have hit new lows again. Presently, Bitcoin Cash, SV is almost dead while Litecoin is barely surviving.
Yesterday, it was predicted that the crypto market would hit a new low. After a minor recovery couldn’t be sustained, the total market cap has dropped to a low of about $101 billion.
Bitcoin Cash (BCH) Price Today – BCH / USD
Crypto market analysis
Bitcoin started the price dip when it fell through the support level at $3,400 a few days ago. The digital currency also kept going down and touched a new low of $3,205 at earlier today. However, a quick bounce pushed it back to $3,250. BTC is still the cheapest it has been for up to 16 months.
How are altcoins coping?
Ethereum has also been smashed, and it dropped to new low of $83. The digital currency also made a weak recovery to $85. Other altcoins are suffering the same fate. The first ten coins are in the red, and the Bitcoin Cash twins are suffering more than others. Litecoin and EOS are not left out but have stopped falling at press time.
The top twenty is in the red with Nem and Monero enduring the hardest hit. Both have dropped by 7% each. Other lost 2 to 4 percent of their values and have hit rock bottom for the year.
Only two altcoins are getting a pump, Revain and Waves. Both are up by 10% right now. Syscoin also moved into the top hundred with a huge pump today. DEX is not having a good day with a 40% dump on the day. Another altcoin, MobileGo is also being choked with a 20% drop.
The total market cap is also down by 3% and is approximately $103 billion. More than 9% has been lost since last weekend in the crypto market. The total loss for the month is about 45%. Currently, the selloff is not abating the situation, and there is no stabilization in sight.
Bitcoin millionaire says Bitcoin is dead
Erik Finman, a teen who got rich and famous by investing his college fund in Bitcoin, has hinted that he may have closed his crypto portfolio into fiat. He may be planning to fun other ambitious ventures with this money. Finman, in an interview, said putting all his eggs in one basket may produce bad results stating that “bitcoin is dead” he added that the fragmented nature of the cryptocurrency community as seen during the bitcoin Cash hard fork could mean doom for the digital currency in the long run. The young millionaire noted that while he could see BTC undergoing another bull run, the asset might fail in the long term. His reason for saying this is that BTC has been unable to keep up with the rapidly expanding value of the Blockchain.
Bitcoin (BTC) Price Today – BTC / USD
Finman also bashed Litecoin, stating that the project has been dead for some time now. He likened the asset to the setting sun while it goes under the horizon.
The previous bitcoin enthusiast said that he expects projects and cryptos to continue running in the long term and drew their attention to Zcash and Ethereum.
Regardless of his current thoughts on the first cryptocurrency, it likely changed his life for better, and he has embarked on several other ventures since then while building a huge following for himself on social media.