Published: Wed, November 21, 2018
Money | By Wilma Wheeler

Bitcoin Falls Below $5000, Other Cryptocurrencies Plunge As Well

Bitcoin Falls Below $5000, Other Cryptocurrencies Plunge As Well

Speculation about reasons behind the price drop include various reasons, such as regulatory scrutiny, bitcoin cash hard fork, reduced market interest in cryptocurrencies, as well as a technical break out.

In a fresh wave of selloff in the crypto market, Bitcoin has breached the $5,000 level, hitting the low of $4,860 level, recording over a 12 percent drop in last 24 hours. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase.

The cryptocurrency industry has now lost more than $660 billion in value from a January peak, according to data from CoinMarketCap.com.

There are those who think that the price movement isn't exactly just caused by the Bitcoin Cash hard fork.

With BTC touching its yearly low in November 2018 and going below 6,000$, many fear that the top crypto might even drop below the value of 5,000$. In fact, the market crash nearly looks like a blessing for XRP.

Stellar Lumens, the token associated with an open-source blockchain network and non-profit organisation that works with cross-border payments, has overtaken Bitcoin Cash.

The cmessage from deVere Group's founder and chief executive, Nigel Green, comes as leading cryptocurrencies Bitcoin and Ethereum (ETH) were in the red on Monday.

The leading cryptocurrency by market capitalization fell to $4,200 soon before press time - a price low not seen since October 5, 2017 - and was last seen trading at $4,484, according to CoinDesk's Bitcoin Price Index (BPI).

Bitcoin cash ABC dropped around 20% and broke the United States dollars 240 and USD 220 support levels.

At the press time, Bitcoin (BTC) is 13.6% down since yesterday and is trading at $4655.74. The cryptocurrency's value slumped more than a quarter in less than a week.

When considering Bitcoin's slide from just shy of $20,000 to Monday's day ending $4,920.7, that's a 75% slide from its all-time high, which was only back in mid-December of a year ago. Bitcoin Cash ABC [IOU]'s official Twitter account is @Bitcoin_ABC. The cryptocurrency has fallen by over 30% since final Thanksgiving. Ripple's XRP, on the other hand, seems to have fared better than its rivals. The regulator said on Friday that CarrierEQ and Paragon Coin were to register their tokens as securities refund investors, pay penalties of $250,000 and file periodic reports to the SEC. In addition, it is testing its 23.6 per cent five-year look back Fibonacci level of US$4,727 as its next support.

Bitcoin cash is now known as bitcoin ABC and the new "fork" is called bitcoin SV. Based on the GTI Global Strength Indicator, Bitcoin is flashing oversold for the first time since August, and its most oversold level this year.

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