The general state of the crypto markets has turned from bearish to bloody within the last 24 hours. Most of the top 100 coins are seeing losses well over 10% while top cryptocurrency, Bitcoin has hit rock bottom for the year.
According to data from Coinmarketcap, it was around 20:29 UTC on Nov 14 that Bitcoin slumped below $5600 for the first time in 2018. Bitcoin shed over $800 in the space of 12 hours before arriving at that lowest point.
At press time today Nov 15, there is still little or no sign of a rebound with the total market cap of Bitcoin still below $100 billion ($98.5 billion). Before the massive sell-off began in the crypto markets, the total market cap was $110 billion.
Bitcoin at the time of writing this report was still 10% down on the daily trading charts with a value of $5676 and a dominance of 53%.
As has always been the case, major altcoin ETH tumbled with Bitcoin at the event of the sell-off on Nov 14. ETH first slumped back to less than $200 and then traveled all the way down to $174. A slight rebound is noticed at press time though with the coin pushing up to $180 before settling at a $179 price.
On the 24hr chart, ETH is still down by 12%+ with a market cap of $18.51 billion.
Meanwhile, XRP at press time has once again overtaken ETH as the second-largest cryptocurrency by market cap. Even though XRP is 8.91% down at press time, the market cap is $18.59 with a price of $0.46.
Bitcoin Cash (BCH) Status
With the Bitcoin Cash hardfork scheduled to happen later today, and fall in the value of the altcoin is understandable. During the period of the massive sell-off, the value of BCH plunged to as low as $420 before a rebound within 06:00 UTC and 09:00 UTC, brought its value to around $444 at press time.
Conclusively, the total market cap of all cryptocurrencies at the time of this report was $185 billion, $15 billion less than when the massive crypto sell-off began.