Crypto Market Wipes Out $25 Billion as Bitcoin Sinks to $4,500

Nov 20, 2018 at 22:56

The crypto market continued to bleed, losing at least $25 billion, driven by Bitcoin’s more than 15 percent drop to below $4,500.

With a market cap of $76.9 billion, the premiere cryptocurrency has recorded its new low this year as it earlier touched a value of $4,153 a piece.

Despite the tragic performance, analysts are hoping that the big-time crash may lead to a rebound due to traders hoping to score discounted Bitcoin.

However, they cautioned that the coin’s current relative strength index is forecasting a minor bounce at $5,050 in the coming days.

Meanwhile, among the top ten coins, Bitcoin Cash suffered the most decline at 34.82 percent with current value at 247.35 and a market cap of $4.2 billion. The crash is still being attributed to the continuing dispute between two factions that was born out of the coin’s recent hard fork.

On the other hand, XRP, Ethereum and Stellar went down to $0.44, $137.13 and $0.20, respectively.

Likewise, EOS, Litecoin and Cardano dipped to $3.78, $32.04 and $0.0458, respectively.

Tether, the only stablecoin among the top ten coins, once again showed its advantage being pegged to the US dollar as it recorded the smallest decline. It decreased by 1.84 percent to $0.96 a piece with a market cap of $1.76 billion.