In a fight for being the fourth largest cryptocurrency between EOS and Bitcoin Cash, EOS overtook Bitcoin Cash momentarily to become the fourth largest cryptocurrency in the world. Trade volume has increased since the slump, but only by a few billion, as global trade volume is now hovering around $18.5 billion.
Following a week of pain, bitcoin hit a new low for the year at US$3,447.58 (S$4,740.85) on Sunday (Nov 25), according to CoinDesk. Bitcoin Cash SV [IOU] has a total market cap of $0.00 and approximately $171.73 million worth of Bitcoin Cash SV [IOU] was traded on exchanges in the last day. Buyers pushed the price above the 50% Fib retracement level of the last decline from the $4,538 high to $3,651 low.
The bear market this year has simply weeded out all of those that got into crypto to make a quick buck, usually with little understanding of what they were investing in.
As you can see, the losses of the round numbers happened five days apart. The currency has descended further and further down to finally hit $3,500 earlier today.
The sharp fall means bitcoin is on track to see its largest weekly drop since April 2013, when prices fell nearly 45 per cent. ETH price now is trading at $110 and is down by 9.32 percent with a market capitalization of $11 billion.
Bitcoin is sliding once again after a failed attempt to recapture $4,000. XRP is now trading at $0.37, up from $0.33. The Korean won has made a noticeable increase throughout BCH trade volume over the last two weeks.
As the chart shows, The drop under $6,000 happened on Wednesday 14th. This indicates the path toward the least resistance for BCH traders is still the downside. Possibly due to oversold conditions, BTC has recovered relatively quickly from the $3,400 mark to $3,700 within hours.
And the final fall (for now) took place on 24th. Price is now testing this resistance and is deciding whether to make a bounce or a break.
Many crypto bulls had believed that panic in traditional financial markets would lead to more investment in cryptocurrencies.
This weekend's exodus has been a third wave of selling which has resulted in the loss of over $90 billion from crypto markets this month alone. The decline is getting worse, and many wonder if there is still hope for the digital currencies.
And because price remains the most valuable metric at the moment, it will then to reflect technical analysis.
Still, there's a silver lining for miners who survive the drop in prices, notes Ryan Rabaglia, Hong Kong-based head trader at OSL, a cryptocurrency dealing firm.
We'll know soon enough.