Crypto currencies continue to sink – Bitcoin below $8000 for the second time in a few days

The crypto currency market is continuing to develop a downward trend and seems to be unable to shake off the consistent spiral to ever new lows. What is worrying about this decline for investors is the fact that the declines are coming across the board and no currency seem to be immune from the decline. After a severe crash on Friday afternoon where almost all currencies declined by between 20 and 30% there was a mild recovery on Saturday with the market cap gaining some $30 billion although that recovery was short lived with everything declining again on Sunday to new lows for 2018 in the case of Ripple, Dash and Ethereum Classic.

At present, the only bright spot in all this carnage was Litecoin which managed to gain around 10% in the past few hours although it is still stuck at around the $140 mark. It had previously reached a high of $160 on Saturday as the news that the currency was being accepted as an alternative to Bitcoin seemed to kick start the market. However, as with other mini rallies, this recovery seemed to be short lived and Litecoin lost another 5-7% on Sunday when low volumes dragged the market down persistently.

Bitcoin seems to be the currency that is suffering most from a news point of view but once again, it was Ripple which posted the strongest declines. After a massive crash on Friday where the price descended to around $0.65, there was a steep climb on Saturday where the price even toyed with the $1 mark but on Sunday there was a steep decline once again with the price dropping to below the $0.80 mark and seemingly posed for further declines over the coming week. There have been several positive developments regarding Ripple in the past few days so it does not seem to correlate with the present performance of the currency overall.

The other less publicized currencies such as Dash and Bitcoin Cash also posted steep declines across the weekend after their mini recovery on Saturday. The former is once again trading at around $530 have touched $610 on Saturday while Bitcoin Cash has descended to below the $1100 mark after having exceeded the $1200 level on Saturday. Ethereum also declined considerably from highs of almost $1000 on Saturday and is now trading at close to the $800 mark yet again.