Bitcoin Bloodbath Continues: Price Hits $5000, Market Loses $45 Billion
The market continues on a downward spiral; $45 billion evaporates from aggregate cryptocurrency market capitalization.
The market continues on a downward spiral; $45 billion evaporates from aggregate cryptocurrency market capitalization. Bitcoin hits a year-long all-time low of $5000. All cryptocurrencies deep in the red, with XRP as an outlier.
Over the last two months, the market has been relatively peaceful, with primarily sideways movement with Bitcoin hovering at $6300-$6600.
This week, there have been two major cliffs. One on Nov. 14 and another on Nov. 18, bringing the price down from $6300 to a year all-time-low of $5000.
There have been rumors on Reddit and Twitter that these sudden drops could be indicative of a whale or other large token holder participating in price manipulation. It has been mentioned that this may be done with the intention to later “scoop up cheap Bitcoin.”
Over the last seven days, Bitcoin has dropped from $6400 to $5000, a decrease of 22 percent. Overall, the market has fallen from an aggregate market capitalization of $213 billion to $167 billion.
XRP stands as a notable outlier, only sustaining a 5 percent loss in value. The cryptocurrency has held up incredibly well, reaching a 10-month high exchange rate between the BTC-XRP pair.