The crypto market's value fell by 15% in an hour

The crypto market's value fell by 15% in an hour

The crypto market's value fell by 15% in an hour

Bitcoin touched an October 2017 low and was trading at $5 235.17 at 6:44 am in NY, according to consolidated Bloomberg pricing.

On November 14th 2018, the leading crypto by market cap, Bitcoin recorded a steep drop.

Bitcoin has just crashed by over $800 and skimmed 15% of the cryptocurrency market value in just over an hour.

Prior to this update, the exchange revealed during the time of the hash war, that the Bitcoin Cash ticker symbol on its website now exclusively refers to the Bitcoin ABC chain. Apart from a minor rally to the mid-$7,000 in Q2, the volatility of the top-ranked coin underwent a prolonged contraction characterized by sideways trading. So-called alternative coins slumped even more, with Ether tumbling as much as 13 per cent and Litecoin cratering as much as 14 per cent. XRP, the token associated with Ripple, was the lone gainer among major digital currencies. Stakeholders like Arthur Hayes of BitMEX have consistently touted $5,000 as the critical price mark for BTC.

The tumble that bitcoin suffered helped drag other altcoins down too, with Ethereum falling to $152, representing a 10% decline and the lowest level the cryptocurrency has reached in the last 16 months. Moreover, ETH has dropped to $154.38 - its lowest level since July past year. The coin gained significant positive momentum in the latter part of the Saturday session and was able to maintain that momentum during Sunday's early trading.

Over the last 24 hours, Ripple (XRP) has fallen by 9.5 percent against the U.S. dollar. This is in some ways a testament to the cryptocurrency's positive run over the previous few days.

In August, Sam McIngvale, a product lead at Coinbase Custody, stated that the company is exploring the addition of many major cryptocurrencies and ERC20 tokens to its custodian solution targeted at institutional investors. ETH was last at this price level in mid-2017.

Monero (XMR) is now at $90.25 against the dollar, a -13.52 percent change in the last 24h.

NEO (NEO) traded up 0.5% against the dollar and now trades at $12.50 or 0.00223120 BTC.

Despite Monday's bloodbath, some analysts believe it isn't all doom and gloom.

According to Mati Greenspan, an eToro analyst, if the support level of $5,000 doesn't hold, the next logical won't be until $3,500.

Related news

[an error occurred while processing the directive]