Bitcoin has fallen below the $100 billion market cap value, a figure not seen since it happened last October.
Market Blood Bath
The last 24 hours have not been good for the crypto industry. Yesterday, the market became a sea of red as prices dropped between 10-20 percent in value.
Bitcoin, which has been trading within the $6,200 and $6,800 range for several months, saw its value drop to $5,600. However, it continues to fall in value. At the time of writing, it is trading at $5,572, according to CoinMarketCap.
As a result, its market cap has also seen a decline in value and is currently worth $96.8 billion. The last time it was under the $100 billion mark was last October. The highest it has been was $328 billion in mid-December when it was valued within touching distance of $20,000. Today, that figure feels like a distant memory.
According to a report, the downturn in market prices was down to the Bitcoin Cash hard fork due to take place today. Brian Kelly of BKCM LLC said he doesn’t think the “crypto civil war” will last.
In a report, Kelly stated:
When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing, so, we’ve got ourselves a ‘crypto civil war.’ People started selling. That triggered stops. Everybody got concerned.
He added that the drop is only temporary and that his company “bought the dip.”
Altcoins Down Too
Across the board, altcoins are being impacted as well, far extending past the top 20 and top 50.
Ethereum and XRP are battling it out for second place, with very little difference between them. Ether’s market value is currently priced at $18.3 billion, whereas XRP is listed at $18.7 billion.
Ether has fallen below the $200 mark and is priced at $178, representing a 12.08 percent drop in 24 hours. XRP, which saw its price rise to $0.60 in September, is now valued at $0.46. It has experienced a decline of 9.07 percent in 24 hours.
Despite the Bitcoin Cash hard fork, it hasn’t done anything to improve its value. Over a 24-hour period, it has fallen 11.48 percent to $414. Monero, in 10th place, has seen the biggest drop out of the top 10. With an 18.08 percent decrease in value, it’s currently worth $86. This is a far cry from its $470 price tag back in January.
However, with the combined market cap worth $183 billion, it remains to be seen if and when market prices will rebound.
Have you been impacted by market prices? Did you buy the dip? Let us know in the comments below.
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