Bitcoin Prints New 2018 Low Below $3.4K

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Photo Credit: Washington Post

The world’s largest cryptocurrency by market cap, Bitcoin has once again printed a new 2018 low following weeks of persistent sell-off in the crypto markets.

According to reports, Bitcoin had on the 7th of December saw loses up to 11.46 percent which resulted in its price finding a bid below $3,306, a price that has now surpassed its previous low of $3,640.

Stats revealed that the digital asset has in the last 24 hour shelved its total market capitalisation by a whopping $4.8 billion. A look at its weekly performance shows that the leading crypto asset is down by almost $14 billion, suggesting that traders may now be converting their Bitcoin into fiat.

The new move now marks the continuation of massive sell-off since bitcoin breached its psychological price of $6,000 a month ago. And not just for bitcoin, this trend has largely taken over the cryptocurrency markets.

With the current sell-off been experienced, it means that the top crypto asset has now shelved the majority of its gains from October, November and December bull run of 2017. At the moment, Bitcoin is down by 84.28 percent from its all-time high of $20,000.

More so, stats indicate that giving the massive sell-off in the last one month, the leading cryptocurrency, Bitcoin is now down 64 percent year-over-year, having dropped hard from each successive lower highs.

While Bitcoin has no doubt seen its fair share of the current sell-off, it isn’t the only cryptocurrency feeling the heat as top cryptocurrencies like Ethereum, Stellar and Bitcoin Cash have also seen significant losses of up to 11-15 percent. And if technical signs are anything to go by, the charts aren’t looking too good at the moment as all indicators point southwards.

Following renewed sell-off, the total market capitalisation for the crypto markets also fell sharply. As at the time of writing this report, the total market cap has lost another $11.5 billion, putting its current value at $110.6 billion.