Bitcoin [BTC], Ethereum [ETH] and Monero [XMR] Reach Yearly Lows

Holly Cain

Stellar has lost "just" 14% of its value, while Bitcoin Cash is down 44% following the hard fork and the hash war between BCHABC and BCHSV.

In a fresh wave of selloff in the crypto market, Bitcoin has breached the $5,000 level, hitting the low of $4,860 level, recording over a 12 percent drop in last 24 hours. The world's largest cryptocurrency is down 22pc to $4,883 in the past week, falling as much as 12pc yesterday (19 November).

XRP, the cryptocurrency behind payments company Ripple, has overtaken Ethereum to become the second-most valuable cryptocurrency.

Bitcoin hit $10,000 at the end of November a year ago and was worth about $20,000 before Christmas, driven primarily by retail speculators. At the time of writing, BCH/USD (ABC) plunged 4.55 percent to $210.00, its lowest since its emergence out of the hard fork and BCH/USD (SV) plunged 31 percent to 39.21.

There were whales that made a decision to accumulate their Bitcoin after Bitcoin dropped because of the Bitcoin Cash.

With two of the biggest cryptocurrencies suffering large losses, it is unsurprising that other coins also suffered, with ripple (XRP) and litecoin seeing significant declines too.

"The SEC enforcement actions over the past week are a reality check for the many projects that believed they would be exempt from security status", wrote Ryan Taylor, CEO of Dash Core, a digital coin for payments that is now the twelfth-most-valuable cryptocurrency, in an email to Barron's.

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For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc.

Bitcoin's price continues to slide despite the oversold conditions signaled on the technical charts for the last six days.

Ethereum has had rough time after the crypto market crashed on Wednesday. At the time of writing, EOS/USD traded almost 10 percent lower at $4.1963.

Market Update: The Reserve Bank of India (RBI) had earlier imposed a strict ban on cryptocurrency businesses and commercial banks were directed to part ways with all crypto-related businesses, especially those on the exchanges. While it looks like a buyers' market, investors still need to do their research before buying.

The price of Bitcoin has fallen by nearly $1,000, down by nearly 20% compared to 24 hours ago when it was standing north of $5,500.

"We'd been waiting for a break-out", said Mati Greenspan, senior market analyst at eToro.

In theory, the Bitcoin Cash schism shouldn't affect other cryptocurrencies. Bitcoin hit a low of $ 4,951.47 briefly, bringing its misfortunes to more than 21% within the past seven days and more than 62% this year, according to CoinDesk information.