In the past 24 hours, the Crypto Market has suffered from a loss of more than $26 Million, by making it more intense daily sell- out in all of the year 2018.
Bitcoin Cash (BCH) recorded the worst drop on the day, falling by more than 19 percent at one point. Within a seven-day span, BCH dropped by over 50 percent against the US dollar and by nearly 40 percent against BTC.
Bitcoin (BTC), which demonstrated a record high level of stability from August to November, recorded a drop of more than 11 percent within a 12-hour period. The unforeseen decline in the price of BTC led other major cryptocurrencies and small market cap digital assets to initiate steep downward movements.
From August to November, the volume of BTC rarely surpassed the $4 billion, other than the first two weeks of this month. Bitcoin’s volume mostly stayed in the range of $3.1 billion to $3.5 billion, as the cryptocurrency exchange market demonstrated low trading activity in a period of low volatility.
Prior to the drop of Bitcoin from $6,200 to the low $5,600 region, DonAlt said that BTC showed low momentum and weakness.
An immediate corrective rally to $6,000 will relieve most of the selling pressure on the crypto market and revive the momentum of many major cryptocurrencies. But, at $5,600, a short-term recovery to $6,000 seems unlikely at this point.