Opinions

Crypto Market Crashes Again, Bitcoin (BTC) Suffers Another Below $3,600 Blow

Study shows that another downfall in the crypto industry sees most of the top digital currencies face losses, Bitcoin (BTC) being a notable victim of the market crash goes below the trading value of $3,600 yet again.

The cryptocurrency has been going through a rough patch from almost a year now, from being valued at over $20,000 in December 2017 to falling down to as much as $3,579 today. Many experts have predicted that the good days will be back for the flagship crypto asset sooner or later and it will surely hit the price mark it once laid on or even higher. While there are some who think that an exit for a certain period would be a wise step for the cryptocurrency, giving it time to revamp itself in the crypto world and bounce back stronger.

Bitcoin (BTC) went down in the financial market crash by almost 1% today, devaluing the crypto asset’s price by approximately $80 since its value was recorded at the start of the week at $3,655. The cryptocurrency has now been a long sufferer of these market crashes but still has not reached its breaking point which is estimated to be around $3,300. So, until further blow that depreciates bitcoin’s price to as low as somewhere around $3,300, is it right to say that the cryptocurrency is safe, for now at least?

Bitcoin's Price Today

Ripple (XRP), another victim of the market downturn was also slightly affected, recording the crypto asset’s price at around $0.31, devalued at the rate of almost 2%. The digital currency has seen a slim downfall in its price since the start of the week similar to other top cryptocurrencies, where the digital currency started the week at close to $0.325 but ended at a lower figure.

The second largest altcoin, Ethereum (ETH) was valued at $121 at the beginning of this week but like most, it bit the dust of the market crash and suffered a 2.1% decrease in its price, currently recorded at $114. It takes no time for these crypto assets to suffer through the hands of the crypto market meltdown, as most leading cryptocurrencies face noticeable losses.

The most negatively affected cryptocurrency among the leading cryptocurrencies is Stellar (XLM) which went through a price downfall of approximately 5%, presently traded at close to $0.1. Out of all the top digital currencies, this market crash proved to be the worst for Stellar (XLM) which took a tremendous blow on the day, being devalued at such a prominent percentage.

While most have suffered a decrease in their prices, some have been successful in gaining profits during this market breakdown. The cryptocurrencies in the company of the top 20 cryptocurrencies who have managed to come out profitable in this bad hour in the crypto industry include, Tron (TRX), which saw an uplift of almost 1.13% and Binance Coin (BNB), whose price increased by 0.02% on the day since the opening of this week. Unlike most cryptocurrencies, these two have managed to make profits today.

Furthermore, due to the latest market crash, the overall worth of the crypto market has gone down from $121.6 billion to its current value recorded at $119.1 billion, creating a concerning enough reduction in the crypto market’s worth. These sudden downturns in the crypto industry, days like these where most cryptocurrencies are left with a negative impact on their prices show concerns that the industry has still failed to stabilize itself, causing external factors to damage the ecosystem time and time again and now on lesser intervals.

Hence, the crypto industry needs to show more positive signs in order for investors to trust digital assets with their investments who are currently fearing unpredictable downfalls like today in the crypto market otherwise, if the tables do not turn, crypto assets like Bitcoin (BTC), most importantly, will be on the verge of being labelled as a global failure.

Jaudat Sulehri

A management student, sports enthusiast and a writer. Jaudat gives his insights on the cryptocurrency in the world of trade and blockchain technology in particular. He also holds investments in XRP and BCH. Contact the editor at editor.opinions@blockpublisher.com

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