Bitcoin (BTC) Bloodbath Continues in Another Red Day for Cryptocurrencies

Barely five days after the last significant price crash, Bitcoin and the rest of the cryptocurrency market is sliding downwards once again. The top-ranked cryptocurrency is down by more than $350 in the space of only a few hours.

$5,000 Bitcoin Here We Come?

Bitcoin has shed more than six percent from its value on Monday despite managing to accrue slight gains over the weekend. BTC seems destined to test $5,000 and is currently at its lowest price level in 2018.

ADVERTISEMENT

The last time BTC traded in the lower $5,000 range was in October 2017. At the time, the top-ranked cryptocurrency was on the cusp of a bull run that would see its price nearly eclipse $20,000 less than two months later.

Bitcoin (BTC) Bloodbath Continues in Another Red Day for Cryptocurrencies 1

For Bitcoin, the current price action means a return of its volatility which had been virtually non-existent since the second quarter of the year. Apart from a minor rally to the mid-$7,000 in Q2, the volatility of the top-ranked coin underwent a prolonged contraction characterized by sideways trading.

If the current slide continues, Bitcoin may test the much-talked-about $5,000 price floor. Stakeholders like Arthur Hayes of BitMEX have consistently touted $5,000 as the critical price mark for BTC.

Market Plunges Again

Bitcoin (BTC) Bloodbath Continues in Another Red Day for Cryptocurrencies 2

Apart from Bitcoin, other cryptocurrencies are also in decline with all top-ten coins massively in the red. On Sunday, XRP managed to claw back from the drop experienced on Wednesday. However, Monday’s price plummet means the second-ranked coin is back below $0.50, currently trading at $0.47 but in danger of going even lower.

Despite Monday’s fall, XRP is still up by more than ten percent over the last seven days. This is in some ways a testament to the cryptocurrency’s positive run over the previous few days. XRP is also strengthening its hold on second place, further pulling away from third-placed ETH.

For ETH, Monday’s price loss is yet more pain for the beleaguered cryptocurrency. As at press time, Ethereum is down by more than 12 percent and is currently trading at $154. ETH was last at this price level in mid-2017. Ethereum is now down by almost 90 percent since the start of the year.

Bitcoin (BTC) Bloodbath Continues in Another Red Day for Cryptocurrencies 3

Outside the top ten, the situation is still the same with only a smattering of coins posting positive price gains on Monday. TRX has fallen by 12 percent, while DASH and NEO are down by 13 percent and 14 percent respectively.

ADVERTISEMENT

Despite Monday’s bloodbath, some analysts believe it isn’t all doom and gloom. Mati Greenspan, a Senior Market Analyst at eToro, posted a tweet showing the firm’s clients accumulating more Bitcoin since the November 14 price plummet.

Image courtesy Shutterstock, Coinmarketcap, Coin360, and Twitter (@MatiGreenspan).

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 62,699.00
ethereum
Ethereum (ETH) $ 3,904.04
binance-coin
Binance Coin (BNB) $ 477.56
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.16
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 161.80
polkadot
Polkadot (DOT) $ 42.66
usd-coin
USD Coin (USDC) $ 1.01
dogecoin
Dogecoin (DOGE) $ 0.241303
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 62,699.00
ethereumEthereum (ETH)
$ 3,904.04
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 621.75
litecoinLitecoin (LTC)
$ 186.92
bitcoinBitcoin (BTC)
54.055,00
ethereumEthereum (ETH)
3.365,81
tetherTether (USDT)
0,870756
bitcoin-cashBitcoin Cash (BCH)
536,03
litecoinLitecoin (LTC)
161,15
bitcoinBitcoin (BTC)
45,615.84
ethereumEthereum (ETH)
2,840.33
tetherTether (USDT)
0.734812
bitcoin-cashBitcoin Cash (BCH)
452.35
litecoinLitecoin (LTC)
135.99

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin62,728 1.91 % 2.27 % 14.65 %
Ethereum3,881.7 0.77 % 0.26 % 13.14 %
Binance Coin474.75 0.91 % 1.66 % 17.42 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.13 % 1.09 % 1.58 %
XRP1.100 0.90 % 2.97 % 2.79 %
Solana161.47 0.73 % 0.91 % 9.32 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2398 0.59 % 0.53 % 4.57 %

bitcoin
Bitcoin (BTC) $ 62,699.00
ethereum
Ethereum (ETH) $ 3,904.04
binance-coin
Binance Coin (BNB) $ 477.56
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.16
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 161.80
polkadot
Polkadot (DOT) $ 42.66
usd-coin
USD Coin (USDC) $ 1.01
dogecoin
Dogecoin (DOGE) $ 0.241303