Bitcoin’s rate on Wednesday evening, November 14, fell to the annual minimum - according to the data from CoinMarketcap at 18:30 (GMT) the first cryptocurrency is trading at around $5.848 (-8.26%). The last time Bitcoin (Bitcoin) traded at these numbers was in October 2017.
All the remaining coins from the top-10 have also significantly sunk in price. Thus, ETH (ETH/USD) lost 11.46%, falling to $184, XRP (XRP/USD) dropped to $0.45 (-11.69%), and Bitcoin Cash (Bitcoin.Cash) lost in price 16.32% and now costs $439.
The capitalization of the crypto market over the past few hours has dropped by $20 billion and now stands at $189 billion. The reason for this market behavior at the time of publication is not obvious, but observers suggest that the sharp fall in Bitcoin has drawn the rest of the cryptocurrencies. In addition, the negative impact on the valuations could affect the situation around Bitcoin Cash hard fork, to be held tomorrow, but media reports about possible 51% attacks.
Leaving for USDT also negatively affected the market - the latest data from CryptoCompare portal suggest that currently, the BTC/USDT pair accounts for 62% of all Bitcoins trading, which may indicate the desire of traders to enter in stablecoin. In recent weeks, this pair accounted for about 44% of the trades.
Users, in turn, expect highly speculative activity on BitMEX, warmed up by common bearish sentiments. Earlier, the head of the BitMEX exchange, Arthur Hayes expressed confidence that interest in the digital money market for at least another year and a half would decline, as well as trading volumes.
The sudden drop in the price of the first cryptocurrency made the whole market react negatively. So, at the time of writing 95% of top-100 cryptos are trading in the red zone.
Update: At 21:00 (GMT) Bitcoin is continuing its fall and trading at $5.540 (-12.93%)
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