The cryptocurrency markets have taken an alarming push downwards in the past few hours demonstrating total weakness in support levels with almost every coin falling by double digit levels. These are prices that have not been seen since a year ago and bode ill for the long-term survival of the market. The total market cap of cryptocurrencies is now at around $190 billion, a level not seen since
Bitcoin dropped below the $6,000 level for the first time in two months and was trading at the $5950 level at press time on Tuesday. However, the real casualties were other main currencies which experienced drops of between 15 and 20% in almost all cases. Ethereum continued sinking in a precipitous level with a drop to the $260 level or 16% with this price not seen since September 2017. Bitcoin Cash also tanked similarly and was trading at below the $500 level for the first time since November 2017, a worrying development although here the drop was not as pronounced as in other currencies with a drop of around 13%.
Ripple also continued its spectacular decline and was down by a further 9% to the $0.24 level, a price not seen since October 2017. This means that all the gains made since that date have now vanished and the currency is actually in negative territory year on year. Litecoin also began to revisit 2017 levels where it sank to the $51 mark, a price not seen since August 2017 and another 24-hour decline of 13%.
However other currencies with smaller market caps experienced even steeper declines that are all pointing to a complete collapse of the market. NEO was down by 22% to revisit the sub $15 levels, a price not seen since September 2017 while EOS tanked further to the $4.30 level – a 2018 low. Cardano was down by 20% to single digits – it was trading at $0.09 at press time whilst Stellar also experienced a 9% drop to the $0.21 level after losing the gains it made on Monday. However, amongst the biggest fallers were Binance Coin and TRON which sank by 22 and 21% respectively to new 2018 lows. The steepest drops were experienced by IOTA and ICX which were down by a staggering 23 and 27% respectively to price levels of $0.41 and $0.49.