Crypto collapse unpaused: Ethereum at news multi-month lows, Bitcoin and Ripple close to critical levels
- Bitcoin stays close $4,000 handle amid growing bearish pressure.
- Altcoins are losing ground, all top-20 coins are deep in the red.
The cryptocurrency market has experienced another day of massive sell-off as the total value of all digital assets in circulation dropped below $140B for the first time since September 2017. All major coins are back in a red zone again after a short-lived recovery on Thursday, probably caused by Thanksgiving holiday in the US. Top-12 coins are losing from 7% to 15% on a day-on-day basis.
Bitcoin, the largest cryptocurrency by market value, lost over 7% since this time on Thursday to trade at $4,140 by the time of writing. The coin holds above critical $4,000 so far; however, weak recovery attempts darken the technical picture.
Ripple's XRP is hovering at $0.4000, down over 8.5% on a day-on-day basis. The second largest coin with market value $16.3B is moving within a clear bearish trend, driven by negative market sentiments and panic selling.
Ethereum is another big market loser. The coin has lost over 11% of its value since this time yesterday to trade at $120.65 by press time. Moreover, the third largest coin with a market value of $12.5B touched $118 low during the Asian session.
What's going on in the crypto universe
BitPay's CTO expects that Bitcoin will cost $15,000 - $20,000 in 2019 despite current crypto carnage.
Circle's stablecoin USDC got audited - everything is OK, it is fully backed by fiat.
Saudi Arabia is going to launch its own cryptocurrency next year.
Author
Tanya Abrosimova
Independent Analyst
