Cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Ripple are notoriously volatile, meaning that their value can extremely fluctuate at any time. Closely analysis of these currencies during last week shows massive decline and the market fails to sustain the soaring volume.
The value of cryptocurrencies continues to sink from a major upward trend this week. All the major cryptocurrencies have declined by nearly $100 billion. Unfortunately, Bitcoin’s price has gone down alongside many of the other cryptocurrencies including Ethereum, Ripple, and Bitcoin Cash and the market remains in the red.
In the month of January 2018, the total market capitalization of the cryptocurrency reached $832 billion, with the market hope continued as $1 trillion market capitalization in the year 2018. Presently, the sentiment is negative for the cryptocurrencies and it almost certainly setting the cryptocurrencies prices lower. This last week, cryptocurrencies have been under intense scrutiny amid continuing dissatisfaction in how tech and social giants including Facebook secure and distribute user data.
Bitcoin (BTC) experienced heavy losses with the drop of 12.6 percent from $8,500 to $7000. According to the Coinmarketcap (at press time) on March 31, Bitcoin was worth $7,106.10.
Currently, at the time of writing this article, the price of the Ethereum is $403.96 USD. It is expected that the next support zone after this price decline would be in between $320 to $355.
Bitcoin Cash Price struggled to move higher and declined sharply below from $980 to $700 against the US Dollar. According to Coinmarketcap, the current trading price of Bitcoin cash is $706.38. Most of the experts predicted to raise more than $2000 per unit by May 2018.
Like other cryptocurrencies, the performance of the Bitcoin cash has been absurd. Crypto experts believe that previously there was a serious increase in the demand for BTC Cash, which increased its price.
According to the Coinmarketcap, more than 74 percent has been drop since mid-2017 and continues to struggle as the year goes on.
Cryptocurrency prices decline as the governments and central banks across the world continued to raise the regulations. Apart from the looming prospect of regulation a series of high-profile thefts has also affected the rapid dips in value. Recently, an announcement made by Google on banning crypto-related ads could be the other reason for the decline in cryptocurrency price.