Friday Woes in the Crypto World
This past Friday, December 14, a familiar face made a spectacularly bad impression: Bitcoin Cash (BCH), which decided to lead an impressive parade of losses across the cryptocurrency markets. If you thought the top 20 crypto assets were enjoying a lively party, think again! Instead, they took a collective nosedive to new lows that made even the grimmest stockholders cringe.
The Bitcoin Blues
According to data from Cointelegraph’s own price index, things look worse than a cat caught in the rain. Bitcoin (BTC) took a hit, dropping about 3.5 percent within just 24 hours. After narrowly avoiding a plunge below last week’s “bottom,” which was around $3,220, BTC/USD now hovers around the $3,300 mark. With almost a 50 percent loss over the month, you could say that it’s a rough time for Bitcoin enthusiasts.
Fears and Speculations
Worries abound about the future of a Bitcoin exchange-traded fund (ETF), which seems to be more elusive than a cat in a small box. As investors eagerly await U.S. regulatory approval in February, many are left with more questions than answers. When will this bear market come to an end? And what will happen next? While some crypto sages are predicting a Bitcoin rebound, others are more skeptical.
Bitcoin Cash: The Downward Spiral
In the world of altcoins, BCH has made itself comfortable in the realm of despair, losing the most against USD from the top 20 assets. The ongoing tussle with Bitcoin SV (BSV) over market superiority appears to be part of the problem. Since their split post a contentious hard fork on November 15, the rivalry has kept BCH on a shaky path.
The Numbers Game
It gets worse: BCH sank by an astonishing 13.3 percent in just one day, causing its market cap to dip below Ethereum (ETH) for the first time ever. Now, there’s just a $125 million gap between BCH and BSV’s market cap, which is still hard to believe!
The Ethereum Effect
As if BCH’s misery wasn’t enough, Ethereum also struggled to rise to the occasion despite exciting updates about its forthcoming Constantinople hard fork. ETH/USD was trailing at a heartbreaking $86, its lowest point since May 2017. Let’s all take a moment to sip our beverages slowly and mourn for Ethereum lovers.
Other Altcoins in the Doldrums
As for other major altcoins, there was no respite. They faced losses raging between 1 and 9 percent, with BSV closely following BCH’s dismal performance. It seems the cryptocurrency blues have gripped the entire market, making everyone wish for a miracle.
