The world’s largest cryptocurrency hits a new lowest price once again in 2018 by the market capitalization. On Friday, 7th of December, it dropped to $3280.23 since September 2017, according to the CoinMarketCap and CoinDesk data. Also, the other top cryptocurrencies such as XRP and Ether are fell 10.16 per cent and 15.56 per cent at the same time, according to data.
The Bitcoin’s market capitalization has dropped by $4.8 billion over a 24-hour period and is down more than $14 billion on the week, indicating traders may now be moving money out of bitcoin and into dollars. As such, the move marks a continuation of selling activity that traces back to bitcoin’s breach of $6,000 about a month ago, a trend largely mirrored by the wider cryptocurrency market.
According to CoinDesk data, bitcoin has now erased the largest portion of its October, November and December 2017 bull run gains and is effectively down 84.28 per cent from its all-time highs of $19,781. Further, bitcoin is now down 64 per cent year-over-year, having dropped hard from each successive lower highs.
“Sentiment in the market is really bad, any negative news has an exponential effect,” said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm.
“The market is in a general bearish trend that doesn’t seem to be letting up driven by what seems to be a general negative sentiment towards crypto,” said Zennon Kapron, director at financial technology consultancy Kapronasia. “As the market is heavily retail driven, it’s very much at the mercy of group sentiment which causes huge swings. Without any positive drivers in the near future, this could continue well into 2019.”