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Markets Update: Leading Cryptos Grind to New Lows for 2018

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In the last 24 hours, many leading cryptocurrency markets have broken down to post new lows for 2018. The bloodshed has seen BCH fall below $100 for the first time ever, while the market cap of ETH has fallen below $10 billion for the first time in over a year. The total capitalization of the combined cryptocurrency markets appears on the verge of testing $100 billion, currently sitting at $107.5 billion. 

BTC Posts New Low for 2018

BTC has broken below support at the local low at approximately $3,500, posting a new low for 2018 of $3,300 on Bitstamp and $3,370 on Bitfinex, at roughly 10 p.m. EST. BTC currently has a market cap of approximately $59.5 billion.

BTC/USD – Bitfinex – 1D

The dump has also coincided with a drop in the spread between the prices on USDT and USD exchanges, with the spread between BTC markets on Bitfinex and Bitstamp currently at approximately 2%.

BTC/USD – Bitstamp – 1D

BTC has fallen approximately 83% when compared with the all-time highs of nearly $20,000 posted nearly 12 months ago.

BCH Dips Below Double Figures For First Time

BCH has dropped below $100 for the first time ever, trading as low as $96 on Kraken.

BCH/USD – Kraken – 1D

The sustained bearish action of recent weeks has seen the market capitalization of BCH fall below $1.8 billion, currently ranking it as the seventh largest cryptocurrency. As of this writing, BCH has shed 97% of its value when compared with its all-time high of roughly $4,000 during Dec. 2017.

Looking at the BCH/BTC charts, Bitcoin Cash is currently trading at an all-time low of approximately 0.03 BTC.

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BCH/BTC – Bittrex – 1D
XRP Tests $0.3

Despite experiencing a significant sell-off alongside the other leading cryptocurrency markets, XRP has held above the area of its 2018 low for now. XRP is currently trading at the $0.3 area, sitting roughly 20% above the $0.25 area of September’s double-bottom.

XRP/USD – Bitfinex – 1D

When measuring against BTC, XRP appears to be consolidating after recently breaking above the 0.00009 BTC area for the first time in six months. XRP has gained roughly 100% over BTC since mid-September.

XRP/BTC – Bitfinex – 1D

XRP is the second-largest cryptocurrency by market cap with a capitalization of $12.1 billion.

ETH Market Cap Slips Below $10 Billion

ETH also fell below $100 in recent days, hitting the double-figure range for the first time since May 2017. ETH is currently trading for approximately $85, down approximately 94% from the January high of $1,425. The sell-off saw record-breaking volume posted on Nov. 20.

ETH/USD – Bitfinex – 1D

When measuring against BTC, ETH is currently retesting support at 0.025 BTC for the first time since exactly one year until today.

ETH/BTC – Bitfinex – 1D

The crash below $100 has also seen the market capitalization of Ethereum fall below $10 billion for the first time since May 2017, with Ethereum currently ranking as the third largest cryptocurrency with a market cap of $8.8 billion.

Source: news.bitcoin

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