The morning trade in Asia fell hard on Bitcoin prices as the cryptocurrency dropped from $3.790.96, slumping 10%. The currency has continued to decline and has now reached $3,435.30. Bitcoin, along with other prominent currencies has experienced a massive slump in prices, changing the top 10 rankings of digital currencies.
The Crypto Winter Continues
While the entire year has been disappointing for the crypto world, December has been especially hard so far. On the very first day of the month, the price of Bitcoin dropped 8 percent, and the setback is continuing as we progress towards the holidays. Bitcoin went as far down as $3,3367 today marking a 10.25% fall in 24 hours. Ripple’s XRP and Ethereum followed suit and quickly lost 11% and 16% of their market capitalization.
The market cap of the entire industry has taken a beating as it has fallen by 86.96% since hitting all-time highs at the start of this year. CoinMarketCap data suggests that the volume has also dropped by over 62%.
The Crypto Market Shuffles Top Rankings
While Bitcoin, Ripple XRP and Ethereum continued to be the top 3 coins in the market, their market capitalization was severely impacted because of the new trading lows. Stellar is now the fourth largest cryptocurrency in the world as Bitcoin Cash ABC went into a freefall. Stellar is followed by Tether, Bitcoin Cash, Bitcoin SV, EOS, Litecoin, and Tron. The market value of Tron has fallen below $1 billion. EOS is the biggest loser amongst the top 10 coins at press time, having fallen by 21.58% in the past 24 hours.
Interestingly, Bitcoin SV registered an 11.24% gain while all other currencies were bleeding.
No respite for traders in the market as the US Securities and Exchange Commission (SEC) has updated on Thursday that it has delayed the decision on the VanEck-SolidX ETF offering until February 29, 2019.