On the 6th of December 2018, almost all the cryptocurrencies on the CoinMarketCap’s list were trading red against the USD. BTC fell by almost 11% and dragged the entire market with it. Just like BTC, ETH and XLM also fell dramatically against the USD. The price crash led $10 billion out of the industry within a 24 hour period. BTC fell as low as $3,300 against the USD. This is the first time it is trading this low this year. But this article isn’t about BTC. It is about ETH and XLM.
Ethereum (ETH) And Stellar (XLM) Against The USD
As BTC fell against the USD,. Ethereum and Stellar lost 12% and 13% respectively. The third largest cryptocurrency per market capitalization entered into the double digit territory for the first time in a long time. Even if the price has been on a decline since after the bull rally in January, investors were hoping that the price will not fall as low as this.
Ethereum (ETH) Price Today – BTC / USD
At the time of writing, Ethereum (ETH) was trading in green against the USD. However, it was trading at $88.80. This shows that it was up by 2.93% and up by 3.97% against BTC. The trading volume over a 24 hour period is $2,084,715,629 and the market capitalization is $9,206,639,793.
Stellar (XLM) Price Today – XLM / USD
Stellar Lumens (XLM) was also trading in green against the USD at $0.114869. This shows that it was up by 2.00% against the USD and up by 2.95% against Bitcoin. The 24 hour trading volume is $168,621,733 and the market capitalization is $2,201,443,512.
How Is The Wider Market Faring
The downtrend that was initiated at the beginning of the week is still strong. BTC, the first largest cryptocurrency per market capitalization has still not bottomed out as it continues to reach new lows with each price struggle. The crash that occurred during the BCH fork war was like a nail in the coffin. Ever since BTC broke the support at $6000, it hasn’t been able to regain or hold above that level.
At the time of writing, BTC was trading at $3,394.63. It is down by 0.93% against the USD. Even if it was trading in green this morning, the price seems to have started a downward correction.
The fact that the price started falling suddenly after many months of relative price stability came as a shock to investors. Some have even speculated that the cryptocurrency industry is coming to its premature end.
The most recent speculation in the industry is that Bitcoin was technically and fundamentally supposed to be trading below the $6000 level a long time ago. However, the increase in trading volume recorded on cryptocurrency exchange, Bithumb may have served as support. Since the trading volume was fueled by promotions, the end of the promotions led to a drop in trading volume which saw the price of BTC fall below the $6000. For more information about this read this post by smartereum.com.
The date this crypto-winter will come to an end cannot be determined. The only things left for investors to do are to either sell-off or remain patient as they wait for the prices to bounce back. It is going to take a lot of faith in the industry for anyone to buy in at this time.