The current bloodbath in the crypto market isn’t relenting with bitcoin further dropping below the $5,400 price mark and total market capitalization falling to as low $174 billion.
Having experienced a prolonged period of low price volatility; the crypto markets experienced a massive sell-off on Wednesday with bitcoin falling from its average trading price of $6,400 to as low as $5,506.
This recent wave of a sell-off has registered a new record for the crypto markets this year. And according to data released by BidMEX, this is the first time since April this year that Bitcoin will exceed the historical Bitcoin Volatility index of 7.
Although most of the top twenty cryptocurrencies by market cap are seeing significant losses with many of them down by almost 5 percent, Ripple has once again overtaken Ethereum as the second leading cryptocurrency by market cap.
The major leading cryptocurrency Bitcoin has continued its downward movement as price dipped to as low $5,358. A look at its 7-day outlooks shows that BTC is down by 14 percent.
In a twist of event, Ripple seems to have enjoyed some gains. As at the time of putting together this report, Ripple was exchanging for $0.47.Although, Ripple dipped to as low as $0.43 on Wednesday, Ripple has continued to hold a stable support around $0.45.
Having relinquished its position to Ripple as the second largest cryptocurrency by market cap, Ethereum has seen some significant losses in the last two days. The altcoin dipped to as low as $170. Ethereum has so far seen a loss of around 3.5 percent in the last 24 hours. At the moment, it is trading at $177. More so, its weekly outlook reveals that ETH is down by almost 17 percent.
Also, the total market cap for the crypto markets has further nosedived to as low as $180 billion. At the moment, the total market cap is capped $183.5 billion having rebounded from $174 billion. A look at the daily trading volume indicates that the market is seeing a daily trading volume of $22.3 billion.
Speaking on the recent sell-off, Meltem Demirors, the Chief Strategic Officer (CSO) of crypto exchange-traded products firm CoinShares stated that the recent bear market is the result of institutions “taking money off the table” due to the hard fork of Bitcoin Cash (BCH).