The crypto market saw a massive rise in the sell-off, but more recently, it has also touched new lows. As per the latest statistics, only three of the top 100 cryptocurrencies have attained the green signal, and all the others are in the red zone. In fact, out of the three cryptocurrencies, two of them are stablecoins. Even the experts were not able to believe that the market would reach such a low in a short period of time. That is why the veterans are suggesting that new investors check Qprofit System Review so that they have an understanding of the market and can earn a steady income by selling cryptocurrencies daily.
The reason behind the crash
The crash was long coming because the price of Bitcoin was continuously volatile throughout 2017. There was sufficient technical support that was taken into account, but that did not stop the prices from falling. This saw a rapid downfall in the Bitcoin prices and the sell-off reached as low as $5,281 on Coinbase.
The more shocking news followed as CoinMarket Cap indicated that this was the first time that the market capitalization of Bitcoin fell below $100 billion since October 2017. This comes at a time when the value of the crypto market went from a staggering $210 billion to $184.2 billion in almost no time.
One of the reasons why this crash could have happened is that that controversial BCH hard fork had an impact on the Bitcoin Cash Market. The BCH market was already volatile, and the emergence of BCH hard fork was not welcome at that time. Experts are of the opinion that the BCH hard fork is the reason behind the crash. Although it cannot be certainly said that it is the one and only cause, the statistic companies are doing their part to come up with an explanation for the downfall.
Altcoins getting closer
With Bitcoin seeing a massive low, popular altcoins like Ripple’s XRP and Ethereum reached closer and were almost in a position to attain the second spot for the most valuable digital asset. The last reading showed that Ethereum had a sell-off price of 14% and XRP managed to edge past Ethereum and reach the second spot with as much as a $100-million margin.
Even with XRP reaching the second spot, much of the spotlight was on BCH because it stood at an 18% loss. This trend is not something that will continue, according to experts. The only fact that the downfall in the price of BCH had happened at a time when Bitcoin SV almost caught up with Bitcoin ABC. Also, since this is a pre-fork trading scenario, the Poloniex exchange has gained enough mileage to compete with the others.
Among other reasons, the selloff of the tech stocks is another reason why the price of Bitcoins has fallen recently. However, the veteran traders are of the opinion that this is just a passing phase and Bitcoin prices will rise eventually by the beginning of next year.