Bitcoin [BTC], the biggest cryptocurrency by market cap and the very first digital gold, is currently being crushed by the bear’s grip. The cryptocurrency which started to bleed in the market yesterday continues to stomp on the investors’ sentiments as the market cap of the biggest cryptocurrency has plunged to its all-time low for the year.
According to CoinMarketCap, at press time, the cryptocurrency is trading at $5503 with a market cap of over $95 billion. The cryptocurrency has a trading volume of $8 billion and has plunged by 12.75% in the past 24 hours.
Bitcoin [BTC] one-day price chart | Source: CoinMarketCap
Along with the price falling to its all-time low, market cap of the biggest cryptocurrency has been depreciated of over $236 billion since its all-time high. The last time the coin had a market capitalization in this range was in November 2017, prior to the price skyrocketing in the market. Moreover, the whole cryptocurrency market cap is also at its all-time low for the year, with just over $180 billion.
Bitcoin [BTC] market cap | Source: CoinMarketCap
Moreover, the other cryptocurrency which was crushed by the bear is Ethereum [ETH]. The coin has fallen from its second position by market capitalization to the third position, giving up its seat for XRP.
The reason for the crash is believed to be the ongoing clash in the Bitcoin Cash [BCH] community regarding the hard fork which is scheduled today. Some investors are also expecting the price to breach $5000 mark.
BlazedAndConfused, a Redditor said:
“By the price action looking like it snowballed from a few single large sell offs, my guess is massive BTC bags dumped for capital to fund BCH or move into it to gain more forked coins. If BCH pumps up to the HF now we know why. If it doesn’t, we might assume hash power is being moved to support the favored BCH chain with BTC no longer profitable to mine. You can’t sell paddles to a sinking boat. Regardless it is short term”
Banterism, another Redditor said:
“Sometimes your banging the market and sometimes the market is banging you. It will come back stronger always does because greed and money never sleep they just transfer to someone else. I watched Wall St. the other day brought back great memories.”
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