The prices of cryptocurrencies are currently experiencing a downward spiral as top cryptos have recorded losses ranging from 2% to 5% and a lot of speculation as to why this has happened still reveals no concrete reason. For the very first time in a long while, crypto markets have seen the top crypto players engulfed in the red after a window of relative stability in the market. This is definitely a big hit for the crypto market because, in the past couple of days, losses have been suffered as the red affected some of the major cryptocurrencies.
Just under 2 hours, BTC saw a fall from $6,485 to about $6,342 just like other top cryptos whose losses fall between 2 percent and 6 percent. Earlier, Bitcoin recorded a period of low volatility amounting to 17 months, which is its highest record of stability since the middle of 2017. On October 2015, however, it experienced one short-lived spike. Popular crypto commentators have rushed to underscore Bitcoin as a quasi-stablecoin with fluctuations in its volatility.
Also experiencing trading patterns that had been stable just like BTC, ETH was also hit by the negative trend and recorded a 3% loss. In the past couple of days, ethereum has experienced sideways trading and had more marginal fluctuations than BTC within the same time period. On the ETH weekly chart, its loss hit about 3.8% and the monthly losses actually are on the high side on 14.8%
The other leading cryptos are also in the red and the only crypto which happens to be quite stable again is the stable Tether (USDT). Litecoin (BCH) which is a top-10 performer seems to be the hardest hit crypto with a 5.2% loss in trade. EOS (EOS) also experienced a 4.2% loss at $5.17 and is almost similar to Bitcoin Cash (BCH) which also fell by 4.25% at $419.22.
Going all the way down to the top-20 cryptos, the situation is still the same as all of them recorded losses ranging from 1% to 5%. Anonymity-oriented alt Monero seems to be the least affected losing just 1.1% at around $101.43 within a period of 24 hours. TRON (TRX) went down by 4.9% trading at $0.022. Also, IOTA (MIOTA) went down by 4.23% to trade at $0.456 and Ethereum Classic (ETC) recorded losses of 4.85% trading at $9.12.
The total crypto market capitalization has fallen to about $203.6 billion and the market had hovered around $210 billion before experiencing the turn of events.
Why have the prices fallen?
So far, no concrete reason has been given as to why the market has been affected. Although there was a hack of a crypto where about $6 million worth of Bitcoins were lost, it doesn’t seem to be the reason why the prices have fallen. In the end, after all speculations and analysis by experts, it seems that the price dump was triggered by nothing significant.