With more and more fiat washing out, the cryptocurrency market crashed don to around $101 billion. Bitcoin is currently trading between $3130 and $3150 which is the lowest range hat bitcoin has reached from the past 16 months.Following bitcoin other major altcoins have also crashed down. Ethereum is trading around $82 which is also a yearly low for the coin. also yesterday for the first time since its inception BCH went below ETH in terms of price currently trading around $77. The biggest losers of the day amongst the top coins are Monero and Nem with both dropping more than 7% in the last 24 hours.The total market capitalization of cryptocurrencies has fallen more than 3% from yesterday, more than 9% from last week and more than 45% since the last month.
What’s next for bitcoin?
Market analysts are predicting a further downfall of bitcoin price which may be heading towards the $1500 to $2500 range. The most major support lies around $3100 to $3150 where bitcoin is currently trading at. The selling pressure right now is massive and sellers are trying to push the price down from the support range. If this major support is broken, bitcoin may be surely heading towards the next big support at $2500 and may even fall further below.
