In the past 24 hours, the crypto market has found itself caught in a big bloodbath resulting in the loss of more than $26 billion, making it one of the most extreme losses and daily sell-offs this year.
At Nov 14, 2018, 22:41 UTC, the price of Bitcoin was at $5,525.92 – which is noted to be one more than a 12% loss – it shows the volatility of the crypto-market but in connection to the downside. Continuing with its decline, at the time of writing, BTC has dropped even a bit further to $5,501.
It is important to know that this is the first time in more than a year the total market cap of Bitcoin moved underneath the $100 Billion mark. However, in the last twelve hours, the total market capitalization of cryptocurrencies fell from $210 Billion and it is now at $184 Billion.
Due to the drastic fall of Bitcoin, other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), etc., followed suit recording falls of about 10% or more.
In the course of the current cryptocurrency carnage in the market, XRP has overtaken Ethereum by market capitalization as the second largest digital asset in the space by market capitalization, according to coinmarketcap.
Only the stable-coins like Tether are still trading in the green. Tether and other stable-coins have been projected to trade steadily against USD. At the time of writing, USDT is trading at $0.981804.
What Caused The Recent Crypto Bloodbath?
The recent drop in the crypto market has been attributed to a lot of factors which includes the forthcoming Bitcoin Cash fork and a feud between Bitcoin Cash developers.
Craig dies not have that power. He is a blind fool with zero understanding of Chinese business, its relationship to the Chinese government and the power of the Chinese Government to utterly destroy someone – anywhere, anytime. Wake up Craig. You are now playing in the adult world
— John McAfee (@officialmcafee) November 15, 2018
BCH recorded the highest loss out of other digital assets in the space by 19%. The cryptocurrency was created last year with the aim of producing a crypto coin better and faster than Bitcoin. At the moment, there seems to be a dispute within BCH developers (the creators of Bitcoin Cash (BCH) as Jihan Wu (a developer of Bitcoin Cash) supports Roger Ver’s faction (another Bitcoin Cash developer community).
It has been reported that Wu wants to rival Craig Wright, due to the fact that Craig Wright intends to make some updates to the software of Bitcoin Cash. It is important to know that only 3 factions in the developer community support the Wright’s model of Bitcoin SV. Surprisingly, BITMAIN has been included in the dispute.
Jihan Wu stated this towards the dispute:
Jihan:
I have no intention to start a hash war with CSW, because if I do (by relocating hash power from btc mining to bch mining), btc price will dump below yearly support; it may even breach $5000. But since CSW is relentless, I am all in to fight till death! pic.twitter.com/d95axXEwFS
— ๑ RAMEN ๑ (@RamenofBinance) November 14, 2018
Many have blamed the current recent dip on the end of BTC’s future – no doubts, this type of notion do have bad effects. Moreover, it may be one of these factors or a combination of all, that has contributed to the current crash. John McAfee tweeted a couple of minutes ago:
The war raging around Jihan Wu was started by the egos and short sightedness of the Bitcoin developers. The developers serve the community, not some ideal principal of technology. And they certainly do not control our community. Wake up developers. You could have avoided this. pic.twitter.com/WF3a9V3sWq
— John McAfee (@officialmcafee) November 15, 2018
Nevertheless, there are good indications that despite the massive dip, there is stability in the ecosystem of the crypto-market. Overall, the upcoming fork is keeping its enthusiast at alert, and one of them stated in recent hours that it is making the crypto-market healthier.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Caio_Triana/Pixabay
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