Bitcoin, the flagship cryptocurrency, has recently hit a new 15-month low as the cryptocurrency sell-off is seemingly intensifying once again, and the cryptocurrency ecosystem is now threatening to drop below $100 billion.
According to available data BTC dropped about 6% in the last 24-hour period, and it’s currently trading around the $3,230 mark in what is now a new 15-month low. Its market cap is now of $56 billion, meaning its market share of the ecosystem is above 55%.
Notably, the cryptocurrency is down 18.7% in the last two weeks, and a whopping 47.7% in the last two months as 30 days ago it was trading over $6,000. After falling from that mark, it has been struggling to bounce back, as it only briefly managed to hit the $4,000 mark this month, before dropping again.
According to MarketWatch, Jani Ziedins of CrackMarket believes the longer BTC keeps failing to move back up, the harder it’ll be to recover. Ziedins was quoted as saying:
Bitcoin continues to muddle along in the mid-$3K range. The longer we maintain these levels, the less likely it becomes that prices are oversold and poised for a pop. The public has largely written cryptocurrencies off as a fad and no new money is coming in. The lack of demand will continue to be a big liability.
Speaking to CryptoGlobe earlier this month Mati Greenspan, a senior market analyst at eToro, noted that the $3,500 to $3,000 level is considered a support for BTC, and that he wouldn’t be surprised if the crypto’s price dropped below it before bottoming out.
Notably bitcoin bull Tom Lee, co-founder of Fundstrat Global Advisors, has recently argued that the market is wrong about bitcoin, as its “fair value,” per his words, is between $13,800 and $14,800. Using Lee’s model, BTC’s fair value would be of $150,000 if bitcoin wallets reached 7% of Visa’s 4.5 billion accounts.
Altcoins Drop As Crypto Cap Closes In On $100 Billion
Bitcoin is notably one of the cryptocurrencies that dropped the least in the last 24 hours. The drop has been so significant the crypto ecosystem as a whole has a market cap of little over $102 billion. According to CryptoCompare, Ethereum’s ether dropped 7.2% as it’s trading at $84.3, while XRP dropped 6% to $0.28.
Privacy-centric cryptocurrency Zcash slid 7.9% to $49.8, while XMR dropped 5.8% to $40.9. NEO, BSV, and Dash all lost between 8% and 9%, while Tron’s TRX and LTC dropped 4.6% and 6.3% respectively.
Notably, BCH is trading at $79.8 after losing 16% of its value in only a day, while Waves – an altcoin that outperformed the market last week – is bucking the bearish trend as it’s up 5.6% to $2.25. This year, its blockchain set a maximum transaction per day record.