Business 2 April 2018

Gerald Fenech

Cryptocurrency slump continues as BTC reaches new low

There seems to be no end to the bear market in the cryptocurrency space as values of the top coins continued declining, with legacy Bitcoin (BTC) reaching a new low of $6,400 on Sunday before rebounding slightly to $7000 on Monday morning, although low volumes appear to be keeping back a recovery. However, there does not appear to be any respite for the long term investor since all cryptocurrencies suffered considerable losses over the past few days with several of the top 10 coins by market cap declining 20% or more.

Bitcoin Cash saw its value drop to a low $620 at one point, although it was up on Monday to around $650. This represents a fall of around 80% from its all-time high of $4,000 registered in December, and there does not appear to be any indication of a rally forward. It is interesting to note that while BTC is down around 60% from its all-time high, most of the other currencies have fallen even further, some by as much as 80%. Another huge loser over the past few days was Dash, which declined from around $450 to well below the $300 mark—a drop of well over 40%.

From the other currencies with larger market caps, Ripple and Litecoin also declined considerably with the former dropping to around $0.47 and the latter creeping dangerously lower to the $110 mark. It could be possible that the 2018 yearly low of below $100 would be tested in the next few days. Another currency which suffered considerably although its market cap is smaller was Neo, whose value dropped to a historic low of $46—a full 300% down from its level of $140 a few weeks ago.

Other currencies also suffered steep drops over the past few days. Stellar Lumens was down to around $0.18 over the weekend before recovering to regain the psychologically sensitive $0.21 mark, appearing poised to increase exponentially over the next few days if there is a rally. Ethereum also saw a major decline in value from around $550 mid-week to well below the $400 mark and was trading at $380 at press time. Its sister currency, Ethereum Classic, was also down to an intra year low of $13.50 before rebounding slightly to approach the $14 mark. Other smaller cryptocurrencies, which trade mostly against BTC on exchanges such as Binance, saw falls, too: Tron dropped by about 30% over the past two days after a spike last week, whilst Storm was also down considerably. The only gainer over the weekend was XVG which saw its value appreciate by almost 20% against BTC.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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