Bitcoin Drops Under $6,000, Lowest Level Since 2017

Karamchand Rameshwar - Nov 16, 2018

For the first time in its 10 years of age, Bitcoin reduced under $6,000 since August, at its lowest price in more than a year.

For the first time in its 10 years of age, the biggest and oldest cryptocurrency, Bitcoin, reduced under $6,000 since August, at its lowest price in more than a year.

The biggest cryptocurrency reduced as much as 15%, with the majority of the initial loss coming within only a half hour window. It is the largest drop since February. Bitcoin had traded around the $6,400 range during most of the fall, a complete contrast from the rest of volatile trading year of the biggest cryptocurrency.

Other big cryptocurrencies plummet even harder on Wednesday. For example, Ether dropped to 13% while XRP, the 3rd biggest cryptocurrency, fell 15%.

“The market is trying to find the bottom,” said Michael Terpin, a blockchain advisor and partner at Alphabit Fund. “People who are chartists look at historical patterns, and they note there’s one last final capitulation drop to get the last people fleeing out of the market.”

Value of the biggest cryptocurrency just dropped to the lowest level since 2017

According to CEO and founder of BKCM, Brian Kelly, suggested that this rout is probably being spurred by the uncertainties around Bitcoin Cash.

It dropped around 18% ahead of a "hard fork" scheduled for November 15. The two cryptocurrencies are going to split into two: Bitcoin SV and Bitcoin ABC. Bitcoin Cash is also a result of a fork from the biggest cryptocurrency Bitcoin.

Coinshare's Demirors believes that a crypto financial crisis may be happening right now.

The market capitalization of the entire cryptocurrency fell by around $15 billion over twenty-four hours on Wednesday. The total market capitalization was approximately $185 billion, dropping over 70% since 2018 started.

A disappointing close of less than the November 2017 low at around$5,907.64 could prove uncertainty, with many analysts believing that it can drop even lower, for examples, Mike McGlone at Bloomberg Intelligence warning last month that it could further drop to as low as $2,000.