The value of the well known cryptocurrency, Bitcoin, has come down to a one year low, revolving around $4,000 as the volume of the cryptocurrency in Nigeria fell to N1.08 billion, in a day panic driven market.
Apart from the bitcoin, other cryptocurrencies were also affected by the Panic market, making them to shed millions across board. Available information from Coin telegraph’s Price tracker, coinMarketCap, Coin360 and Bitcointicker captured the unstable activity on Tuesday as BTC/USD fell to 17% and reaching $4,237 at one point in time.
Analysts were of the belief that the value of the cryptocurrency has the tendency of crashing to $3,000 since it crosses the $4,000 border despite having a value of $20,000 at December 2017. The volume of Bitcoin traded in the country has declined because of the drop in value of the cryptocurrency coupled with the fact that regulators have warned against the cryptocurrency market.
The volume of Bitcoin traded in the country has reduced from N2.07 billion in December 2017. The volume of Bitcoin declines simultaneously with price of depreciation of the cryptocurrency. The volume dropped to N1.08 billion second week of November.
After the correction of about $4,500 was made, Bitcoin daily losses is about 15% and the condition remains very volatile as the pair test a new level of resistance. This resulted into the emergence of unsettled condition on November 15 when continuous hard fork experienced by the altcoin Bitcoin cash Pair led to the emergence of two different competing chains
Initially, Bitcoin cash held onto much of its worth, the BCH/USD shed about 40%. The Bitcoin cash leads as the worst performer among the top 20 crypto assets, other crytocurrencies also suffered heavy losses.
Ethereum broadened its gap remarkably in the market capitalization with Ripple upholding its rank as the third largest cryptocurrency. The daily losses of ETH/USD pair were revolving around 15% as at press time while the XRP/USD is at 6.2%
The Binance coin as well as Tezos losses about 20 percent while multiple assets lost in excess of 17% elsewhere. Over a day, the Stable coin Tether is down with about 2%.
The commentator took a practical approach to the decline but social media talk has reverted to the topic about BTC.
There have been claims from several sources that major supports lies around $4,000 and $3,000 should be a definitive barrier if the former is broken. Jon McAfee who is a crypto enthusiast summarized his thought on tweeter. He wrote, “People have panicked”
The overall market capitalization as at press time is $146 billion, when taken from its weekly high of about $212 billion, the overall market capitalization as at 6th of October, 2017 was $146.