Published: Wed, November 21, 2018
Finance | By Kristine Clayton

Bitcoin Cash ABC [IOU] (BCHABC) Traded 43.3% Reduced This Week

Bitcoin Cash ABC [IOU] (BCHABC) Traded 43.3% Reduced This Week

Bitcoin has lost almost a third of its value in just a week as cryptocurrencies come under renewed pressure.

The slump in bitcoin's market performance marks the lowest BTC price since October 18, 2017. The difference in market cap between ETH and XRP is now over $4 billion.

Other cryptocurrencies also fell sharply, with Ethereum's ether losing 10 percent and Ripple's XRP down 13 percent in a largely sentiment-driven slide.

Remember that Bitcoin last year was simply trading at around $1,000 during the beginning of the year and reached near $20,000 by mid-December.

By 11.45 a.m. ET, the benchmark cryptocurrency was trading lower by around 8.5% at $5,164, having rebounded a little from the worst of the day's trading, according to Markets Insider data.

Others blamed fears that last week's "hard fork" in bitcoin cash, where a software upgrade split the fourth-biggest coin into two separate currencies, could destabilise others. At the time of writing, BCH/USD (ABC) plunged 4.55 percent to $210.00, its lowest since its emergence out of the hard fork and BCH/USD (SV) plunged 31 percent to 39.21.

On one side is Ver and Bitcoin Cash ABC, the ABC standing for "Adjustable Blocksize Cap".

Numerous bitcoin's closest peers also slid on Thursday, while bitcoin cash, which was set to split into two coins yesterday, sank another 10 per cent.

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc. This had led some analysts to predict that the lack of market movement was the calm before the storm, though many others had anticipated the price shift to go in the other direction. Ripple, however, is one of the rare currencies in the markets which has shown a small sign of growth in the 24-hour period. Now Bloomberg intelligence, the asset analysis service by Bloomberg, predicts that the price of Bitcoin could fall even further.

Total market capitalization of all cryptocurrencies is around $186 billion as of press time, which is more than the mid week low of around $175 billion on November 15, but nearly 12 percent down from $211 billion as recorded at the beginning of the week.

ETFs are one of the most popular trading mechanisms and the SEC's green light would give the bitcoin market a massive infusion of outside cash.

Speaking to Forbes, cryptocurrency investor and trader Altcoin Thoreau said that the crypto market correction can continue further. Even Monero, a cryptocurrency focused on anonymity is also up by 3.5 percent at 89.04 United States dollars.

Apart from a few dollar-pegged stablecoins, all top 100 cryptocurrencies were in red some posting as much as 30 percent loss week on week.

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