Meanwhile, XRP, the second-largest cryptocurrency as per market capitalization, is reporting a 6.5 percent drop.
LTC/USD: Litecoin, also matched its counterparts, losing out in line with its wider peers, tracking overall bearishness in the market.
BCH/USD: Bitcoin Cash, too continued its freefall, owing all credits to the hard fork that led to the emergence of Bitcoin Cash ABC and Bitcoin Cash SV. Bitcoin's latest drop to fresh 2018 lows has dragged altcoins even further down, and market sentiment is sitting at a yearly low as investors lose hope.
Bitcoin tumbled as much as 10 per cent on Tuesday to below $4,500, bringing the world's best-known cryptocurrency's losses to 30 per cent within a week as a sell-off in digital currencies intensified across the board. Based on the GTI Global Strength Indicator, bitcoin is flashing oversold for the first time since August, and its most oversold level this year. Ripple has been doing good business lately, which is why XRP has dropped less than its peers. As Roger Ver, a renowned cryptocurrency investor and Bitcoin.com CEO said, "no one wins a war". The adoption of XRP in the banking sector is increasing weekly, but XRP must be equally introduced as a base trading pair on many crypto exchanges for XRP to replace Bitcoin in the long run.
"The selloff is connected to authorities, that is nearly completely underway", explained Justin Litchfield, chief technology officer in ProChain Capital. Such a decline would mean a 70 percent drop from current market levels, while Bitcoin has already lost more than 60 percent of its value over the year. The cryptocurrency's value slumped more than a quarter in less than a week. Digital currencies depend on blockchain miners to expand supply up to the predetermined limits. Behind the cryptocurrency's drop could be a large token movement that seems to show a large holder is dumping tokens. While Najarian was hesitant to give a concrete price target, the trader noted that interest in crypto just isn't there anymore. Though the market conditions are not the same if we compare the last parabolic move for Bitcoin in 2013 to today's market we still have some time to go before the trend reverses.
Certainly, nothing at this time seems to be falling in way of crypto investors and enthusiasts.