The digital currency market has made a new low for 2018 yesterday as the overall market valuations have dropped below $200 billion. The market is reeling under a heavy selling pressure as over $25 billion have been wiped off the market in the last 24-hours.
Information gleaned from Coinspeaker.com said Bitcoin has lost nearly seven per cent in the last 24-hours as the world’s largest digital currency dipped below $6000 mark, momentarily, before finally recovering back.
According to CoinMarketCap, the cryptocurrency market has dipped to a low of $189 billion which is the lowest in the last nine months since November 2017. However, today’s price fall in Bitcoin is relatively low in comparison to other altcoins which have been the major reason for the huge slump in the market valuations.
Data on the CoinMarketCap showed that except the Bitcoin, almost all the other top-twenty cryptocurrencies had lost between 10-20 per cent. Ethereum, Bitcoin Cash, Litecoin, Ripple and EOs have lost nearly 15 per cent in the last 24-hours. Ethereum has been the major loser as the cryptocurrency has lost over $60, nearly 20 per cent, with its market cap standing at just $26 billion.
Statistics showed that in the last one week, the overall cryptocurrency market cap has dropped by 25 per cent , while Bitcoin has lost nearly 16 per cent during the same period. The worst hit has been Ethereum which has lost nearly 40 per cent in the last one week from a high of $410 to making a low of $256 today.