The last couple of hours has been a bad one for all digital currencies as most tasted the price they have never seen before for the 365 days. The major down down in price occurred between 10:30 a.m. (UTC -5) and 12:00 p.m., during that period, the top 20 cryptocurrencies witnessed losses for as much as 20% below.
Bitcoin’s drop off took it to as low as $5,506 that is, around 19% loss from its yesterday price, according to data from coinmarketcap. But currently, it’s trading at $5,636 indicating an 11.34% loss in the past 24hrs
Ethereum (ETH) the second cryptocurrency by market cap, has plunged below the $200 once again, and is down 13.68% over the past 24hrs. The altcoin is hovering around $170 price point. It’s price is currently sitting on $177, 14.09% drop off in price for the past 24hrs.
BitcoinCash, the fourth on the list is still among one of the top major losers in the game right now as it shades off 17.79% in its price over the past 24hrs, making it to trade at exactly $429 as at the time of filling this report.
The total market cap seems to be depreciating every minute that passes by, indicating a huge dump on major digital currencies like BTC and ETH. Currently, the total market cap according to CMC is sitting on $183 Billion, the lowest it has seen for the year.
Other Altcoins on the first 100 list has seen significant losses ranging from 8-20 percent, excluding one coin, Nasdacoin NSD, which records 263.13% gain and it is currently trading at $3.53. That’s the only coin that performed well in this bear market.
According to experts in the crypto industry, the bear market may continue throughout the year and may continue for a long term.