Bitcoin Cash ABC [IOU] Reaches Market Capitalization of $0.00 (BCHABC)

The price of Bitcoin (BTC) dropped sharply earlier today, briefly dipping below US$5,000 per coin, as the brutal sell-off gripping the cryptocurrency market deepened.

This is the lowest price since October of previous year - which was before the market exploded in value. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase. Per CCN, the entire crypto market just lost $25 billion in value - the market cap sits at nearly $148 billion according to CoinMarketCap.

The computations get progressively harder to crack the more bitcoins there are on the market.

With BTC touching its yearly low in November 2018 and going below 6,000$, many fear that the top crypto might even drop below the value of 5,000$.

However, the latest drops are being blamed on a "hard fork".

In addition to the instability and its downward pressure across the board, The Telegraph notes that the drop in the price of bitcoin may stem in part from the arms race having "drained computing resources away from bitcoin itself, thus reducing the perceived demand for the original cryptocurrency".

"It does rather look like the bottom is coming out of this market". Investors seeking to acquire Bitcoin Cash ABC [IOU] should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Coinbase.

As BTC, which maintained stability from August to November, dropped substantially against the U.S. dollar, other major cryptocurrencies struggled to sustain momentum.

Bitcoin, the most dominant cryptocurrency in the market in terms of price, market cap, and volume, demonstrated the smallest loss out of all major cryptocurrencies. The last time bitcoin had sunk this low was in October 2017.

Bitcoin is now trading to its low valuations in the last one year.

The recent collapse of Bitcoin value has evidently affected more than just prices.

Bitcoin rebounded slightly to trade at US$5,035 at 1730 GMT.

Furthermore, Bitcoin now has a market capitalization of $92 billion the lowest it has being since the year began. When one cryptocurrency falls, others tend to fall as well. The startups were penalized after they organized token sales without registering cryptocurrencies as securities offerings. "Over longer periods of times these events are less meaningful", said Mike Loewengart, chief investment officer at E-Trade Capital Management.

Bitcoin has been in a slump for months, trading sideways for most of the time, with the rare bull run attempts being quickly killed off. If Willy Woo is to be believed, there will be a healthy level of support at $4,400.

As investors piled in the hope to capitalize on the opportunity created by Bitcoin Cash fork last week, the markets gained momentum for a while, but subsequently fell off a cliff.

  • Anthony Vega