Crypto purge goes on as Ethereum smashed 38% to 18-month low

Crypto purge goes on as Ethereum smashed 38% to 18-month low

Troy Powers
November 21, 2018

The value of bitcoin slipped Monday below $5,000 (4,366 euros) for the first time since October 2017 as a broad selloff gathered steam on the opaque cryptocurrency market. The world's largest cryptocurrency is down 22pc to $4,883 in the past week, falling as much as 12pc yesterday (19 November). And on Tuesday, Bloomberg reported that the U.S. Justice Department is investigating whether last year's epic rally was fueled in part by manipulation, with traders driving up Bitcoin with Tether - a popular but controversial digital token. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Currently, Bitcoin holds 97 billion dollars in its market cap; however, only two weeks before the numbers were set at almost 111 billion. The latter two are now competing vs each other to prove themselves as better versions of the parent coin.

Bitcoin was followed lower by other major cryptocurrencies, with Coinbase reporting that only nine out of top 100 cryptocurrencies by market capitalization are higher on Monday.

There are those who think that the price movement isn't exactly just caused by the Bitcoin Cash hard fork. One reason for the XRP to perform well could be the string of major deals by Ripple for its XRP-powered xRapid payment services with several global financial institutions over the last few months. Digital assets have now lost nearly $700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. However, one thing which remains consistent is that Bitcoin continues to dominate over 50% dominance in the crypto market. This year's bearish spell hasn't ended for Bitcoin and its kind, with the recent days bringing us the year's lowest values.

Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight and undeveloped market infrastructure compounded by frequent swings in price. BTC/USD is down more than USD 1,000 and it is now (UTC 08:30 AM) trading below the USD 4,500 level.

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Currently, with the market seeing new lows on a daily basis, a lot of investors flee towards XRP in order to save themselves from getting more losses.

At least some of it has been attributed to a battle for control of a smaller crypto operator called bitcoin cash.

As BTC, which maintained stability from August to November, dropped substantially against the USA dollar, other major cryptocurrencies struggled to sustain momentum.

The crypto king has witnessed a downtrend since a hard fork happened in one of its peers, bitcoin cash, splitting the coin into two halves - bitcoin ABC and bitcoin SV.