You are here: Home > articles > Forex > $63 Billion Deleted From Crypto in 7 Days, Ethereum Drops Under $100
$63 Billion Deleted From Crypto in 7 Days, Ethereum Drops Under $100
November 25, 2018 5:51 pmVideo
Latest News
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops. Bitcoin (BTC), the most dominant cryptocurrency in the market, fell by 12 percent from $4.300 to $3,800, achieving a new yearly low. At its lowest daily point, on fiat-to-cryptocurrency exchanges like Coinbase and Kraken, the price of BTC fell to $3,456.
Ethereum (ETH), which is currently demonstrating a daily volume that is larger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined at $2.2 billion, dropped to $98, falling to a double-digit for the first time since May 2017.
With Ethereum at $98 and Bitcoin at $3,456, technical indicators show oversold conditions for both major digital assets. Possibly due to oversold conditions, BTC has recovered relatively quickly from the $3,400 mark to $3,700 within hours.
At $3,456, BTC is down 82.2 percent from its all-time high at $19,500. When the price of BTC initially declined to $4,000, many investors suggested the possibility of a further drop below the $4,000 mark given that at $4,000, BTC was only down 79 percent from its all-time high. On average, BTC tends to drop 85 percent during a major correction as shown in past price movements in 2011, 2013, and 2015. Following BTC’s expected drop below the $4,000 mark, traders became more comfortable in finding a short-term bottom in the price trend of BTC.
Related Posts: