At the time of publishing this report, bitcoin price had stabilised and was trading at $6467. Ethereum was trading at $228
Major cryptocurrencies, including bitcoin, tumbled as much as 25 percent in late trade on Wednesday and continued to slide further in early trade on Thursday. In effect, many of the currencies touched their year lows in the last 20 hours.
Bitcoin was down by about USD 1,000 in last 24 hours dropping below USD 6500-level, according to the price index maintained by CoinMarketCap. As a result, the market cap of the currencies reached USD 111 billion despite an increase in supply.
As per an analyst, bitcoin is poised to fall below USD 6000-level. However, if the currency manages to raise its value to USD 7,200-7,300 in the next 24 hours, it could avoid the downtrend to mid-USD 6,000 and may even head for the USD 8,000-range.
The world’s second most valuable cryptocurrency, Ethereum also dropped by 20% in day’s trade dropping to USD 228, its lowest in 2018. The market cap of the cryptocurrency also slid below USD 25 billion.
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At the time of publishing this report, Bitcoin price had stabilised and was trading at USD 6,467. Ethereum was trading at USD 228.
XRP, the coin by payments portal Ripple, was also racing towards crossing its year low achieved in August. At the time of reporting, it was trading at USD 0.28.
Barring a couple of coins in the top 100 cryptocurrencies by market valuation, each of them was trading in the red. Among those which were trading in green were Tether and TrueUSD, which are backed by USD and Bitcoin diamond, which is another fork of Bitcoin.
The strength in USD backed cryptocurrencies shows that investors are wary and have parked their money in the traditional currency to avoid the short-term fall in the cryptocurrency market.