Another $25 Billion Wiped Out: Crypto Market Suffers From Large Sell-Off

Over the past 24 hours, another $25 billion has been wiped out of the crypto market as major digital assets fell sharply in value. Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Stellar (XLM) recorded a loss of 14 percent, 14.5 percent, 45 percent, and 10 percent respectively, demonstrating a large decline in both volume and momentum.

As expected, Bitcoin Cash SV, a hard forked cryptocurrency created by the Craig Wright, Coingeek, and Calvin Ayre camp, fell from $170 to $60 within a three-day span. As SV fell, the combined value of SV and Bitcoin Cash (ABC) fell from around $450 to $270, by nearly half. Due to the contentious hard fork and the hash power battle between SV and BCH on November 15, the price of BCH dropped from $450 to $270, with BCHABC suffering significantly from the conflict. As Roger Ver, a renowned cryptocurrency investor and Bitcoin.com CEO said, “no one wins a war. Some just lose less than others.”

Based on current market conditions and the intensity of the drop over the last 24 to 48 hours, Bitcoin Cash and other major cryptocurrencies are expected to drop further in price, with BCHABC eyeing a test of $180 for the first time in its 15-month history. Other large market cap digital assets like Monero (XMR), Tron (TRX), Dash (DASH), IOTA (IOTA), and Binance Coin (BNB) have recorded an average daily drop of around 16 percent. The steep decline in the price of BNB is especially surprising in consideration of the fact that BNB remains the best performing cryptocurrency in all of 2018 ahead of Bitcoin. From its all-time high, Binance Coin is down about 74 percent. In contrast, Bitcoin is down 76.5 percent and Ethereum is down 87 percent.