$63 Billion Deleted From Crypto in 7 Days, Ethereum Drops Under $100

In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops. Bitcoin (BTC), the most dominant cryptocurrency in the market, fell by 12 percent from $4.300 to $3,800, achieving a new yearly low. At its lowest daily point, on fiat-to-cryptocurrency exchanges like Coinbase and Kraken, the price of BTC fell to $3,456.

Ethereum (ETH), which is currently demonstrating a daily volume that is larger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined at $2.2 billion, dropped to $98, falling to a double-digit for the first time since May 2017.

With Ethereum at $98 and Bitcoin at $3,456, technical indicators show oversold conditions for both major digital assets. Possibly due to oversold conditions, BTC has recovered relatively quickly from the $3,400 mark to $3,700 within hours.

At $3,456, BTC is down 82.2 percent from its all-time high at $19,500. When the price of BTC initially declined to $4,000, many investors suggested the possibility of a further drop below the $4,000 mark given that at $4,000, BTC was only down 79 percent from its all-time high. On average, BTC tends to drop 85 percent during a major correction as shown in past price movements in 2011, 2013, and 2015. Following BTC’s expected drop below the $4,000 mark, traders became more comfortable in finding a short-term bottom in the price trend of BTC.