Ethereum price (ETH/USD) tumbles to 16-month low on Monday

Wednesday, 21 Nov, 2018

Stellar has lost "just" 14% of its value, while Bitcoin Cash is down 44% following the hard fork and the hash war between BCHABC and BCHSV.

The slump in bitcoin's market performance marks the lowest BTC price since October 18, 2017.

Billions of dollars have been wiped from the value of the original and best known cryptocurrency in the past week alone, having tumbled by over 30 per cent to $4,450.

When considering Bitcoin's slide from just shy of $20,000 to Monday's day ending $4,920.7, that's a 75% slide from its all-time high, which was only back in mid-December of past year. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that's rocking confidence in the nascent asset class.

The still-nascent sector is not completely transparent and analysts have struggled to understand what precisely prompted the latest drop. More than $1,000 has been wiped of Bitcoin in last week.

Bitcoin has dropped below $5,000 for the first time in over a year as cryptocurrencies' wholesale freefall continued, as investors fearing new regulations sell up their virtual holdings.

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For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc. The SEC ruling last week - that two ICOs were securities - will affect Ripple as many think that XRP should already be classified as a security.

A big part of the bullishness around XRP has been the fact that XRP's market capitalization surpassed that of Ethereum (ETH) last week. The current one-day support is at $4,616.8 with the downtrend bringing the price down in two phases: $8,193-$6,493.4 and $6,493.43 -$4,621.

Bloomberg's research department Bloomberg Intelligence found out that the value crypto market will continue to fall.

XRP, on the other hand, is showing very high stability in comparison to other cryptocurrencies.

Cryptocurrencies have been in a bear market since January 2018 and have not initiated a proper mid-term recovery since then. Bitcoin is a market leader with a dominance of over 50%, and that means that its price reactions are bound to affect the rest of the market.

EOS/USD: Nothing different, the EOS, also suffered as investors wait to find direction in the digital currency market amid a slew of sell-offs that shook the digital currency space since the past few days.

"Crypto-specific events have led to greater uncertainty in the crypto market, including the contentious hard fork for bitcoin Cash", Lee said in the note Friday.