The price of Bitcoin dropped more than 5% in the last 24 hours along with the major cryptocurrencies such as Ethereum and Ripple dropping more than 9% and 5% respectively. Other major coins such as Bitcoin Cash, Stellar, EOS and Litecoin showed massive bearish momentum falling from 5% to 15%. Ethereum is trading at a yearly low of $158. The total cryptocurrency market capitalization experienced a wipeout of approximately $15 Billion in just 24 hours.
In December 2017, the cryptocurrency market experienced the largest market gain with all major cryptocurrencies rising massively. The market started to fall down in January 2018 and since then the market has not reached a proper support range. Based on the market analysis, the price of major cryptocurrencies may not face a good bullish momentum this year apart from the predicted rise during to launch of BAKKT in December.
Stock Market and Cryptocurrency Market Co-Related?
With the decrease in the price of major US market stocks, the stock market investors predict that the market may not see a bullish momentum soon and may face more losses in the coming time. The bear market of US stocks has also impacted the cryptocurrency market which has dropped majorly since the stock market crash.