The enormous drop in price appears to be driven by major Bitcoin and derivatives exchange BitMEX, representing 34 percent of 24-hour market volume.
Following the hysteria experienced during the peak of trading in prices in January, Bitcoin, Ethereum, and many other major coins are quickly shedding market capitalization.
The duration of the current bear market is unprecedented for 2015-2018, spanning five continuous months since the rebound in May. That said, the market has made some major recoveries during this year.
In February and May, the market rebounded to a total market capitalization of $500 billion and $450 billion, and a minor rebound in late July at $300 billion.
None of these rebounds are even close to the market's all-time high of $850 billion.
To put things in perspective, this isn't the first nor the worst bear market in Bitcoin's history.
In December of 2013, the market reached an all-time high of $13 billion, growing 8x in the span of two months.
The market was then devastated over the next 10 months, shrinking below $3 billion and losing 77 percent percent of its value from all-time highs.
Once the market stabilizes it is then possible to repurchase crypto holdings.
Whatever happens, the market shall decide who's right.
Bitcoin Plunges to $5400: 12 Month Low, Market Sheds $25 Billion
gepubliceerd op Nov 14, 2018
by Cryptoslate | gepubliceerd op Coinage
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